Restructuring

3 Months Ended

Mar. 31, 2020

Restructuring and Related Activities [Abstract]

Organizational Restructuring

As a result of the closing of the 2018 Transaction, the decision to cease new sales following the strategic review of the Company’s Individual Life business and additional cost savings targets announced in November 2018, the Company has undertaken restructuring efforts to execute the 2018 Transaction, reduce stranded expenses, as well as improve operational efficiency, strengthen technology capabilities and centralize certain sales, operations and investment management activities ("Organizational Restructuring"). The initiatives associated with the closing of the 2018 Transaction and the decision to cease new sales following the strategic review of the Company's Individual Life Business concluded during 2019.

These activities have resulted in recognition of severance and organizational transition costs and are reflected in Operating expenses in the Condensed Consolidated Statements of Operations, but excluded from Adjusted operating earnings before income taxes. These expenses are classified as a component of Other adjustments to Income (loss) from continuing operations before income taxes and consequently are not included in the adjusted operating results of the Company's segments. For the three months ended March 31, 2020 and March 31, 2019 , the Company incurred Organizational Restructuring expenses of $19 and $83, respectively associated with continuing operations.

The summary below presents Organizational Restructuring expenses, pre-tax, by type of costs incurred, for the periods indicated:



	Three Months Ended March 31,					Cumulative Amounts Incurred to Date
	2020			2019		Cumulative Amounts Incurred to Date
Severance benefits	$	(3	)	$	47	$	55
Organizational transition costs	22			36		224
Total restructuring expenses	$	19		$	83	$	279

Including the expense of $19 for the three months ended March 31, 2020, the aggregate amount of Organizational Restructuring expenses expected to be incurred is in the range of $250 to $300. The Company anticipates that these costs, which will include severance, organizational transition costs incurred to reorganize operations and other costs such as contract terminations and asset write-offs, will occur at least through the end of 2020.

The following table presents the accrued liability associated with Organizational Restructuring expenses as of March 31, 2020:



	Severance Benefits			Organizational Transition Costs			Total
Accrued liability as of January 1, 2020	$	30		$	25		$	55
Provision	(3		)	22			19
Payments	(7		)	(15		)	(22		)
Accrued liability as of March 31, 2020	$	20		$	32		$	52

Pursuant to the Individual Life Transaction, the Company will divest or dissolve four regulated insurance entities, including its life companies domiciled in Colorado and Indiana, and captive entities domiciled in Arizona. The Company will also divest Voya

America Equities LLC, a regulated broker-dealer, and transfer or cease usage of a substantial number of administrative systems. The Company will undertake further restructuring efforts to reduce stranded expenses associated with its Individual Life business as well as its corporate and shared services functions. Through the closing of the Individual Life Transaction, the Company anticipates incurring additional restructuring expenses directly related to the disposition. These collective costs, which include severance, transition and other costs, cannot currently be estimated but could be material. Total Organizational Restructuring expenses include $4 which is reflected in Income (loss) from discontinued operations, net of tax. Refer to the Business Held for Sale and Discontinued Operation Note to these Condensed Consolidated Financial Statements for further information.