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Restructuring Costs | 9 Months Ended
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Sep. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring Costs | Restructuring Costs In the fourth quarter of 2022, the Company initiated activities focused on workforce actions, rationalization of technology and functional services, and reductions in real estate. In the third quarter of 2024, the Company finalized its detailed plans and anticipates total charges related to these activities to be approximately $650 million. The Company has incurred approximately $540 million of these restructuring costs through September 30, 2024, primarily severance and lease exit charges, of which $36 million and $96 million were incurred for the three and nine months ended September 30, 2024, respectively. The Company is expected to complete these activities by the end of 2024. The Company incurred a total of $54 million and $140 million for restructuring activities for the three and nine months ended September 30, 2024, respectively, compared to $52 million and $170 million, for the corresponding periods in the prior year. The Company incurred costs related to these initiatives as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | 2024 | 2023 |  | 2024 |  | 2023
Risk and Insurance Services | $ | 22 |  | $ | 26 |  |  | $ | 73 |  |  | $ | 89 |
Consulting | 14 |  | 17 |  |  | 30 |  |  | 33 |
Corporate | 18 |  | 9 |  |  | 37 |  |  | 48 |
Total | $ | 54 |  | $ | 52 |  |  | $ | 140 |  |  | $ | 170 |
Details of the restructuring activity from January 1, 2023 through September 30, 2024, are as follows:
(In millions) | Severance |  | Real Estate Related Costs (a) |  | Information Technology |  | Consulting and Other Outside Services |  | Total
Liability at January 1, 2023 | $ | 88 |  |  | $ | 56 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 146 |
2023 charges | 148 |  |  | 96 |  |  | 15 |  |  | 42 |  |  | 301 |
Cash payments | (147) |  |  | (69) |  |  | (13) |  |  | (42) |  |  | (271) |
Non-cash charges | — |  |  | (44) |  |  | (2) |  |  | — |  |  | (46) |
Liability at December 31, 2023 | $ | 89 |  |  | $ | 39 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 130 |
2024 charges | 63 |  |  | 41 |  |  | 19 |  |  | 17 |  |  | 140 |
Cash payments | (123) |  |  | (34) |  |  | (19) |  |  | (19) |  |  | (195) |
Non-cash charges | — |  |  | (9) |  |  | — |  |  | — |  |  | (9) |
Liability at September 30, 2024 | $ | 29 |  |  | $ | 37 |  |  | $ | — |  |  | $ | — |  |  | $ | 66 |
(a) Includes ROU and fixed asset impairments and other real estate related costs. 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.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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