Restructuring charges primarily include severance costs associated with headcount reductions, as well as branch closure charges. We incur severance costs and branch closure charges in the ordinary course of our business. We only include such costs that are part of a restructuring program as restructuring charges. Since the first such program was initiated in 2008, we have completed seven restructuring programs and have incurred total restructuring charges of $450.

Our closed restructuring programs were generally initiated either in recognition of a challenging economic environment or following the completion of certain significant acquisitions. As of September 30, 2026, the total liability associated with the closed restructuring programs was $11.

In the fourth quarter of 2025, we initiated a restructuring program (the “2026 Cost Savings Restructuring Program”) associated with the consolidation of certain common functions and certain other cost reduction measures. We first incurred costs, primarily comprised of severance and branch closure costs, under this program in 2026. The program is expected to be completed in 2026, and we expect that total costs under the program will not exceed $75 (inclusive of the $65 recognized through September 30, 2026 as reflected in the table below).

The table below provides certain information concerning restructuring activity under the 2026 Cost Savings Restructuring Program during the nine months ended September 30, 2026:


Description	Beginning Reserve Balance		Charged to Costs and Expenses (1)		Payments and Other		Ending Reserve Balance
Branch closure charges (2)	$	—	$	38	$	(13)	$	25
Severance and other	—		27		(24)		3
Total	$	—	$	65	$	(37)	$	28

(1) Reflected in our condensed consolidated statements of income as “Restructuring charge” (such charge also includes activity under our closed restructuring programs). The restructuring charges are not allocated to our segments. A s we first incurred costs under the 2026 Cost Savings Restructuring Program in 2026, the amounts above reflect the cumulative charges recognized through September 30, 2026.