The Company incurred a total of $58 million and $103 million for restructuring costs for the three and six months ended June 30, 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 $239 million of restructuring costs in connection with the Program through June 30, 2026, primarily severance, of which $52 million and $89 million were for the three and six months ended June 30, 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 and six months ended June 30, 2025, the Company incurred a total of $18 million and $50 million for restructuring activities related primarily to severance and lease exit charges.


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2026		2025		2026		2025
Risk and Insurance Services	$	39	$	8	$	66	$	31
Consulting	8		6		21		14
Corporate	11		4		16		5
Total	$	58	$	18	$	103	$	50


(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	74		10		—		19		103
Cash payments	(121)		(10)		—		(19)		(150)
Non-cash charges	—		(2)		—		—		(2)
Liability at June 30, 2026	$	52	$	28	$	—	$	—	$	80

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.