Restructuring Charges

12 Months Ended

Dec. 31, 2024

At the end of 2024, we completed our NextGen program, which began in the second quarter of 2023 and was aimed at simplifying our operating model, optimizing corporate functions and consolidating and realigning office space to reflect the post-pandemic hybrid work environment.

The total costs related to our NextGen program are reported in "Restructuring charges" in our consolidated statements of operations. We do not allocate these charges to individual segments in internal management reports used by the CODM. Accordingly, such expenses are separately disclosed in our segment reporting as “unallocated costs.” See Note 18. The costs related to our NextGen program were as follows for the years ended December 31:


(in millions)	2024		2023




Employee separation costs	$	85	$	115

Facility exit costs (1)	36		108
Third party and other costs (2)	13		6
Total restructuring charges	$	134	$	229

(1)For the year ended December 31, 2024, facility exit costs include lease restructuring of $23 million and accelerated depreciation charges of $13 million. For the year ended December 31, 2023, facility exit costs include lease restructuring of $71 million, accelerated depreciation charges of $36 million and impairment of long-lived assets of $1 million.

(2)Third party and other costs include certain non-facility related asset impairments and professional services fees directly related to the NextGen program.

Changes in our accrued employee separation costs included in "Accrued expenses and other current liabilities" in our consolidated statements of financial position are presented in the table below for the years ended December 31:


(in millions)	2024		2023

Beginning balance	$	42	$	—
Employee separation costs accrued	85		115
Payments made	(92)		(73)
Ending balance	$	35	$	42

There were no restructuring charges during 2022.