v3.26.1
Restructuring
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
On November 4, 2025, the Company announced an expense reduction initiative to further improve the operating model and exit certain lines of business that are no longer considered strategically important to the Company (the “Restructuring Plan”). Inclusive of the charges recorded through the first quarter of 2026, the Company expects to incur pre-tax charges associated with the Restructuring Plan of approximately $40 million in the aggregate, consisting of approximately $32 million in cash
charges relating to employee separation expenses and approximately $8 million in other cash charges, primarily relating to facility exits.
The Company has incurred total costs to date of $31 million related to employee separation expenses, $5 million related to facility exits and $1 million related to professional services in connection with the Restructuring Plan. The Company has incurred total costs to date of $27 million in Consumer, $8 million in Industrial, and $2 million in Risk & Compliance Software related to the Restructuring Plan. The Company anticipates the Restructuring Plan will be substantially completed by the end of the first quarter of 2027, with the remaining charges expected to be incurred throughout the remainder of the plan.
Charges related to the Restructuring Plan, as well as other qualifying restructuring expenses, are as follows:
Three Months Ended
March 31,
(in millions)20262025
Employee separation expense adjustments$(2)$(1)
Facility exits1 — 
Professional services1 — 
Total$— $(1)
The following table summarizes the changes in the Company’s accrued restructuring balance:
(in millions)Employee separation expensesProfessional servicesTotal
Liability balance as of December 31, 2025$30 $— $30 
Restructuring(2)1 (1)
Cash payments(7)— (7)
Foreign exchange rate adjustment(1)— (1)
Liability balance as of March 31, 2026$20 $1 $21 
The Company had a short-term liability for its restructuring activities of $19 million and $25 million as of March 31, 2026 and December 31, 2025, respectively, which is recorded within other current liabilities on the Condensed Consolidated Balance Sheets. The Company had a long-term liability for its restructuring activities of $2 million and $5 million as of March 31, 2026, and December 31, 2025, respectively, which is recorded within other liabilities on the Condensed Consolidated Balance Sheets.