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Organizational Efficiency Plan
12 Months Ended
Dec. 31, 2019
Organizational Efficiency Plan [Abstract]  
Organizational Efficiency Plan

Note 15 – Organizational Efficiency Plan

 

The Company is continuously evaluating ways to deliver our products and services more efficiently and at a lower cost. During the fourth quarter of 2019, we committed to a plan to increase our organizational alignment, operational efficiency and reduce costs. As a result, we recognized a charge in selling, general and administrative expenses of $207 million pre-tax ($162 million after-tax) in the fourth quarter of 2019 primarily for severance costs related to headcount reductions. We expect most of the severance to be paid by the end of 2021.

(In millions)

 

 

 

 

 

 

 

Fourth quarter 2019 charge

 

 

 

 

 

$

207

Less: 2019 payments

 

 

 

 

 

 

2

Balance, December 31, 2019

 

 

 

 

 

$

205