The Company incurred a total of $45 million for restructuring costs for the three months ended March 31, 2026.

In the third quarter of 2025, the Company launched a three-year program, Thrive (the "Program"), which focuses on brand strategy, delivering greater value to clients, accelerating growth and improving efficiency. Based on current Program estimates, the Company expects to incur approximately $500 million of cost over the three years. Costs will primarily relate to severance, technology and outside services. The Company expects charges incurred to be evenly distributed over the Program period.

The Company incurred $187 million of restructuring costs in connection with the Program through March 31, 2026, primarily severance, of which $37 million were for the three months ended March 31, 2026. The Company continues to refine its detailed plans for the Program which may change the timing and estimates of expected costs.

For the three months ended March 31, 2025, the Company incurred a total of $32 million for restructuring activities related primarily to severance and lease exit charges.


	Three Months Ended March 31,
(In millions)	2026		2025
Risk and Insurance Services	$	27	$	23
Consulting	13		8
Corporate	5		1
Total	$	45	$	32


(In millions)	Severance		Real Estate Related Costs (a)		Information Technology		Consulting and Other Outside Services		Total
Liability at January 1, 2025	$	75	$	42	$	—	$	—	$	117
2025 charges	174		32		—		16		222
Cash payments	(150)		(39)		—		(16)		(205)
Non-cash charges	—		(5)		—		—		(5)

Liability at December 31, 2025	$	99	$	30	$	—	$	—	$	129
2026 charges	32		5		—		8		45
Cash payments	(68)		(3)		—		(8)		(79)
Non-cash charges	—		(1)		—		—		(1)
Liability at March 31, 2026	$	63	$	31	$	—	$	—	$	94

The expenses associated with these initiatives are included in compensation and benefits and other operating expenses in the consolidated statements of income. The liabilities associated with these initiatives are classified on the consolidated balance sheets as accounts payable and accrued liabilities, other liabilities or accrued compensation and employee benefits, depending on the nature of the items.