Restructuring Charges

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

In September 2019, we initiated the transition of certain technology platforms to advance the company's strategic opportunities as a technology and analytics provider and continue the re-alignment of certain business areas. In connection with these restructuring efforts, we are retiring certain elements of our marketplace infrastructure and technology product offerings as we implement NFF and other technologies internally and externally. This represents a fundamental shift in our strategy and technology as well as executive re-alignment. As a result of these actions, we expect to incur approximately $100 million in pre-tax charges over a two year period related primarily to non-cash items such as asset impairments, accelerated depreciation as well as third-party consulting costs. Severance and employee-related charges also will be incurred. Restructuring charges are recorded on restructuring plans that have been committed to by management and are, in part, based upon management’s best estimates of future events.

The following table presents a summary of the 2019 restructuring plan charges in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2020 and 2019 which primarily consisted of consulting services,

asset impairment charges primarily related to capitalized software that was retired, and accelerated depreciation expense on certain assets as a result of a decrease in their useful life.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Asset impairment charges and accelerated depreciation expense	$	2	$	25	$	10	$	25
Consulting services	6		—		15		—
Contract terminations	—		—		3		—
Severance and employee-related costs	2		3		3		3
Other	1		2		5		2
Total restructuring charges	$	11	$	30	$	36	$	30