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Restructuring and Related Activities

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure

23. RESTRUCTURING AND OTHER COSTS

In recognition of the need to become more cost efficient and competitive along with enhancing the experience we provide to agents and customers, on July 30, 2020 the Company announced an operational transformation and cost reduction plan it refers to as Hartford Next. Hartford Next is intended to reduce annual insurance operating costs and other expenses through reduction of the Company's headcount, investment in information technology ("IT") to further enhance our capabilities, and other activities. The activities are expected to be substantially complete by the end of 2022.

Termination benefits related to workforce reductions and professional fees are included within restructuring and other

costs in the Consolidated Statement of Operations and unpaid restructuring costs are included in other liabilities in the December 31, 2020 Consolidated Balance Sheet. Subsequent to December 31, 2020, the Company expects to incur additional costs including, amortization of right of use assets and other lease exit costs, other IT costs to retire applications, professional fees and other expenses. Total restructuring and other costs are expected to be approximately $158, before tax, and will be recognized in Corporate for segment reporting.

Restructuring and Other Costs, Before Tax
			Incurred in the Year Ended December 31, 2020 [1]						Total Amount Expected to be Incurred
Severance benefits			$	73					$	73
IT costs			2						26
Professional fees and other expenses			29						59
Total restructuring and other costs, before tax			$	104					$	158

[1] Amounts incurred for the twelve months ended December 31, 2020 are the cumulative incurred under the restructuring program.

Accrued Restructuring and Other Costs
			Year Ended December 31, 2020
			Severance Benefits and Related Costs			IT Costs			Professional Fees and Other						Total Restructuring and Other Costs Liability
Balance, beginning of period			$	—		$	—		$	—					$	—
Incurred			73			2			29						104
Payments			(19)			(2)			(29)						(50)
Balance, end of period			$	54		$	—		$	—					$	54

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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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