Restructuring Costs

12 Months Ended

Dec. 31, 2023

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. The Company anticipates total charges related to these activities to be approximately $475 million. Through December 31, 2023, the Company has incurred $441 million of restructuring costs, primarily related to severance and lease exit charges, of which $222 million were incurred in 2023. Any remaining costs are expected to be incurred by the end of 2024. The Company continues to refine its detailed plans for each business and location, which may change the expected timing, estimates of expected costs and related savings.

Restructuring activities also include charges related to improving the Company's global information technology function and improving efficiencies and client services related to the Marsh operational excellence program.

In 2022, costs also included charges related to the remaining JLT integration, including additional lease related exit charges of $89 million in the Risk and Insurance services segments for a legacy JLT U.K. location.

The Company incurred costs related to these initiatives as follows:

For the Years Ended December 31, (In millions)	2023		2022
Risk and Insurance Services	$	177	$	254
Consulting	62		77
Corporate	62		96
Total	$	301	$	427

Details of the restructuring activity from January 1, 2022 through December 31, 2023, are as follows:

(In millions)	Severance		Real Estate Related Costs (a)		Information Technology		Consulting and Other Outside Services		Total
Liability at January 1, 2022	$	35	$	34	$	—	$	—	$	69
2022 charges	111		195		15		106		427
Cash payments	(58)		(25)		(6)		(104)		(193)
Non-cash charges	—		(148)		(9)		—		(157)
Liability at December 31, 2022	$	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

(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.