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Restructuring Costs | 3 Months Ended
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Mar. 31, 2025
Restructuring and Related Activities [Abstract] |
Restructuring Costs | Restructuring Costs The Company incurred a total of $32 million for remaining restructuring activities for the three months ended March 31, 2025, primarily related to severance and lease exit charges. For the three months ended March 31, 2024, the Company incurred $42 million of restructuring costs, primarily related to the Company initiated activities in the fourth quarter of 2022 focused on workforce actions, rationalization of technology and functional services, and reductions in real estate that were completed at the end of 2024. The Company incurred restructuring costs as follows:
| Three Months Ended March 31, |  |
(In millions) | 2025 | 2024 |  |  |  |
Risk and Insurance Services | $ | 23 |  | $ | 22 |  |  |  |  |
Consulting | 8 |  | 11 |  |  |  |  |
Corporate | 1 |  | 9 |  |  |  |  |
Total | $ | 32 |  | $ | 42 |  |  |  |  |
Details of the restructuring activity from January 1, 2024 through March 31, 2025, are as follows:
(In millions) | Severance |  | Real Estate Related Costs (a) |  | Information Technology |  | Consulting and Other Outside Services |  | Total
Liability at January 1, 2024 | $ | 89 |  |  | $ | 39 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 130 |
2024 charges | 163 |  |  | 66 |  |  | 25 |  |  | 22 |  |  | 276 |
Cash payments | (177) |  |  | (45) |  |  | (24) |  |  | (24) |  |  | (270) |
Non-cash charges | — |  |  | (18) |  |  | (1) |  |  | — |  |  | (19) |
Liability at December 31, 2024 | $ | 75 |  |  | $ | 42 |  |  | $ | — |  |  | $ | — |  |  | $ | 117 |
2025 charges | 23 |  |  | 9 |  |  | — |  |  | — |  |  | 32 |
Cash payments | (45) |  |  | (12) |  |  | — |  |  | — |  |  | (57) |
Non-cash charges | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |
Liability at March 31, 2025 | $ | 53 |  |  | $ | 38 |  |  | $ | — |  |  | $ | — |  |  | $ | 91 |
(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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