XML 72 R25.htm IDEA: XBRL DOCUMENT v3.24.3
Restructuring and Related Activities
9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Related Activities Disclosure
18. 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 reduced 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 were substantially completed as of December 31, 2023.
Termination benefits related to workforce reductions and professional fees are included within restructuring and other costs in the Condensed Consolidated Statement of Operations.
Subsequent to September 30, 2024, 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 and other expenses. Total restructuring and other costs are expected to be approximately $127, before tax, and will be recognized in the Corporate category and not allocated to the reportable segments.
Restructuring and Other Costs, Before Tax
Incurred in the Three Months Ended September 30,Incurred in the Nine Months Ended September 30,Cumulative Incurred Through September 30, 2024Total Amount Expected to be Incurred
2024202320242023
Severance benefits$— $(2)$— $(5)$35 $35 
IT costs— — 25 25 
Professional fees and other expenses67 67 
Total restructuring and other costs, before tax$1 $1 $2 $4 $127 $127