Restructuring Charges

6 Months Ended

Jun. 30, 2025

Restructuring and Related Activities [Abstract]

At the end of 2024, we completed our NextGen program. NextGen charges for the three months ended June 30, 2024 were $29 million and included $18 million of employee separation costs and $11 million of facility exit costs. NextGen charges for the six months ended June 30, 2024 were $52 million and included $26 million of employee separation costs, $25 million of facility exit costs and $1 million of third party and other costs. We did not incur any costs related to the NextGen program during the six months ended June 30, 2025.

The 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 11.

Changes in our accrued employee separation costs related to the NextGen program included in "Accrued expenses and other current liabilities" in our unaudited consolidated statements of financial position are presented in the table below for the six months ended June 30:


(in millions)	2025		2024

Beginning balance	$	35	$	42
Employee separation costs accrued	—		26
Payments made	(35)		(48)
Ending balance	$	—	$	20