Restructuring

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

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, additional cost savings targets announced in November 2018, and the Individual Life Transaction, the Company has undertaken restructuring efforts to execute the 2018 and Individual Life 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. See below for further description of restructuring activities related to the Individual Life Transaction.

These activities have resulted in recognition of severance and organizational transition costs that are reflected in both continuing operations and discontinued operations. Amounts reflected in continuing operations are reported 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.

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

	Three Months Ended June 30,				Six Months Ended June 30,				Cumulative Amounts Incurred to Date
	2020		2019		2020		2019
Severance benefits	$	(5)	$	4	$	(8)	$	51	$	50
Organizational transition costs	42		51		64		87		266
Total restructuring expenses	$	37	$	55	$	56	$	138	$	316
Continuing operations	$	21	$	55	$	36	$	138	$	286
Discontinued operations	$	16	$	—	$	20	$	—	$	30

Total restructuring expenses reflected in the table above include expenses related to the Individual Life transaction of $22 and $26 for the three and six months ended June 30, 2020, respectively, a substantial portion of which is included in Income(loss) from discontinued operations, net of tax, in the Condensed Consolidated Statements of Operations. The aggregate amount of Organizational Restructuring expenses incurred in 2019 and expected to be incurred through the end of 2020, excluding restructuring efforts resulting from the Individual Life transaction, is in the range of $250 to $300. The Company anticipates that these costs will include severance, organizational transition costs incurred to reorganize operations and other costs such as contract terminations and asset write-offs.

The following table presents the accrued liability associated with Organizational Restructuring expenses as of June 30, 2020:

	Severance Benefits		Organizational Transition Costs		Total
Accrued liability as of January 1, 2020	$	30	$	25	$	55
Provision	(8)		64		56
Payments	(9)		(49)		(58)
Accrued liability as of June 30, 2020	$	13	$	40	$	53

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. The Company anticipates incurring additional restructuring expenses directly related to the disposition beyond 2020, in addition to the $22 and $26 incurred for the three and six months ended June 30, 2020, respectively. These collective costs, which include severance, transition and other costs, cannot currently be estimated but could be material.