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TRANSFORMATION STRATEGY (Notes)

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

TRANSFORMATION STRATEGY

TRANSFORMATION STRATEGY COSTS

In 2018, we launched a multi-year, enterprise-wide transformation strategy impacting our organization. The program includes investments, as well as changes in processes and technology, that impact global direct and indirect operating costs.

The table below presents the transformation strategy costs for the three and nine months ended September 30, 2021 and 2020 (in millions):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Transformation Strategy Costs:
Compensation and benefits			$	33					$	18					$	164					$	111
Total other expenses			41						26						144						90
Total Transformation Strategy Costs			$	74					$	44					$	308					$	201
Income Tax Benefit from Transformation Strategy Costs			(20)						(11)						(76)						(50)
After Tax Transformation Strategy Costs			$	54					$	33					$	232					$	151

The income tax effects of transformation strategy costs are calculated by multiplying the amount of the adjustments by the statutory tax rates applicable in each tax jurisdiction.

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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