The Company incurred a total of $79 million and $182 million for restructuring costs for the three and nine months ended September 30, 2026, respectively.

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. In the third quarter of 2026, the Company increased the Program cost estimates from $500 million to approximately $750 million, to be incurred over the duration of the Program. Costs include severance, technology and outside services. The Company expects charges incurred to be evenly distributed over the Program period.

The Company incurred $310 million of restructuring costs in connection with the Program through September 30, 2026, primarily severance. For the three and nine months ended September 30, 2026, costs incurred were $71 million and $160 million, respectively. For the three months ended September 30, 2025, costs incurred in connection with the Program were $38 million, related to severance and outside services.

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 nine months ended September 30, 2025, the Company incurred a total of $46 million and $96 million for restructuring activities related primarily to severance and lease exit charges.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2026		2025		2026		2025
Risk and Insurance Services	$	44	$	20	$	110	$	51
Consulting	10		18		31		32
Corporate	25		8		41		13
Total	$	79	$	46	$	182	$	96


(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	113		22		—		47		182
Cash payments	(159)		(16)		—		(47)		(222)
Non-cash charges	—		(8)		—		—		(8)
Liability at September 30, 2026	$	53	$	28	$	—	$	—	$	81

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.