v3.25.4

Restructuring Costs | 12 Months Ended
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Dec. 31, 2025
Restructuring and Related Activities [Abstract] |
Restructuring Costs | Restructuring Costs The Company incurred a total of $222 million for restructuring costs in 2025, compared to $276 million in 2024. 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. In 2025, costs incurred in connection with the Program were $150 million, primarily related to severance. The Company continues to refine its detailed plans for the Program which may change the timing, expected costs, and related savings. In 2024, the Company incurred $221 million of restructuring costs, primarily severance and lease exit charges, 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 in 2025 and 2024, as follows:
For the Years Ended December 31, (In millions) |  | 2025 |  | 2024
Risk and Insurance Services |  | $ | 134 |  |  | $ | 148 |
Consulting |  | 64 |  |  | 79 |
Corporate |  | 24 |  |  | 49 |
Total |  | $ | 222 |  |  | $ | 276 |
Details of the restructuring activity from January 1, 2024 through December 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 |  | 174 |  |  | 32 |  |  | — |  |  | 16 |  |  | 222 |
Cash payments |  | (150) |  |  | (39) |  |  | — |  |  | (16) |  |  | (205) |
Non-cash charges |  | — |  |  | (5) |  |  | — |  |  | — |  |  | (5) |
Liability at December 31, 2025 |  | $ | 99 |  |  | $ | 30 |  |  | $ | — |  |  | $ | — |  |  | $ | 129 |
(a)Includes ROU and fixed asset impairments and other 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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