v3.24.2
Restructuring Costs
 6 Months Ended
Jun. 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. For the three and six months ended June 30, 2024, the Company has incurred $30 million and $60 million, respectively, of restructuring costs related to these activities, primarily severance. Any remaining costs are expected to be incurred by the end of 2024.
The Company incurred a total of $44 million and $86 million for restructuring activities for the three and six months ended June 30, 2024, respectively, compared to $65 million and $118 million, for the corresponding periods in the prior year.
The Company incurred costs related to these initiatives as follows:
 
Three Months Ended
June 30,		Six Months Ended
 June 30,
(In millions)2024202320242023
Risk and Insurance Services$29 $31 $51 $63 
Consulting5 7 16 16 
Corporate10 27 19 39 
Total$44 $65 $86 $118 
Details of the restructuring activity from January 1, 2023 through June 30, 2024, are as follows:
(In millions)Severance
Real Estate Related Costs (a)
Information TechnologyConsulting and Other Outside ServicesTotal
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
42 21 11 12 86 
Cash payments(102)(26)(11)(14)(153)
Non-cash charges— (3)— — (3)
Liability at June 30, 2024
$29 $31 $— $— $60 
(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.