S&P Global Inc.

11. Restructuring

We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2023 and 2022 restructuring plans consisted of company-wide workforce reductions of approximately 1,050 and 1,440 positions, respectively, and are further detailed below. The charges for each restructuring plan are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets.

In certain circumstances, reserves are no longer needed because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the consolidated statements of income during the period when it is determined they are no longer needed.

The initial restructuring charge recorded and the ending reserve balance as of December 31, 2023 by segment is as follows:

For the year ended December 31, 2023, we recorded a pre-tax restructuring charge of $183 million primarily related to employee severance charges for the 2023 restructuring plan and have reduced the reserve by $31 million. For the year ended December 31, 2023, we have reduced the reserve for the 2022 restructuring plan by $262 million. The reductions primarily related to cash payments for employee severance charges.