Restructuring

12 Months Ended

Dec. 31, 2016

NOTE 20

Restructuring

The Company initiates restructuring programs to support new business strategies and to enhance its overall effectiveness and efficiency. In connection with these programs, the Company typically will incur severance and other exit costs.

The following table summarizes the Company’s restructuring reserves activity for the years ended December 31, 2016, 2015 and 2014:

(Millions)		Severance		Other^(a)		Total
Liability balance as of December 31, 2013		$	196	$	37	$	233
	Restructuring charges, net of $35 in revisions^(b)		383		28		411
	Payments		(93)		(22)		(115)
	Other non-cash^(c)		(51)		(8)		(59)
Liability balance as of December 31, 2014			435		35		470
	Restructuring charges, net of $61 in revisions^(b)		(33)		7		(26)
	Payments		(141)		(14)		(155)
	Other non-cash^(d)		(23)		(5)		(28)
Liability balance at December 31, 2015			238		23		261
	Restructuring charges, net of $81 in revisions^(b)		305		24		329
	Payments		(171)		(21)		(192)
	Other non-cash^(d)		(12)		(3)		(15)
Liability balance as of December 31, 2016^(e)		$	360	$	23	$	383

Other primarily includes facility exit and contract termination costs.
Revisions primarily relate to higher than anticipated redeployments of displaced employees to other positions within the Company, business changes and modifications to existing initiatives.
Consists of $42 million reserve transferred to the GBT JV in the second quarter of 2014 as part of the GBT sale and $17 million of foreign exchange and other non-cash charges.
Consists primarily of foreign exchange impacts and other non-cash charges.
The majority of cash payments related to the remaining restructuring liabilities are expected to be completed in 2017, and to a lesser extent certain contractual long-term severance arrangements and lease obligations are expected to be completed in 2018 and 2023, respectively.

Restructuring charges related to severance obligations are included in salaries and employee benefits in the Company’s Consolidated Statements of Income, while charges pertaining to other exit costs are included in occupancy and equipment and other expenses.

The following table summarizes the Company’s restructuring charges, net of revisions, by reportable operating segment and Corporate & Other for the year ended December 31, 2016, and the cumulative amounts relating to the restructuring programs that were in progress during 2016 and initiated at various dates between 2011 and 2016.

		2016	Cumulative Restructuring Expense Incurred To Date OnIn-Progress Restructuring Programs
(Millions)	Total Restructuring Charges, net revisions			Severance		Other		Total
USCS	$	21	$	101	$	―	$	101
ICNS		27		216		―		216
GCS		49		116		―		116
GMS		14		43		―		43
Corporate & Other		218		282		117		399	^(a)
Total	$	329	$	758	$	117	$	875	^(b)

Corporate & Other includes certain severance and other charges of $322 million related to Companywide support functions which were not allocated to the Company’s reportable operating segments, as these were corporate initiatives, which is consistent with how such charges were reported internally.
As of December 31, 2016, the total expenses to be incurred for previously approved restructuring activities that were in progress are not expected to be materially different than the cumulative expenses incurred to date for these programs.