Organizational Efficiency Plan

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

Note 15 – Organizational Efficiency Plan

During the fourth quarter of 2021, the Company approved a strategic plan to further leverage its ongoing growth to drive operational efficiency through enhancements to organizational structure and increased use of automation and shared services. As a result, during the fourth quarter of 2021, we recognized a charge in Selling, general and administrative expenses of $168 million, pre-tax ($119 million, after-tax) that included $59 million of one-time expenses related to abandonment of leased assets and impairment of property and equipment as well as $109 million of accrued expenses primarily for severance costs related to headcount reductions. We expect most of the severance to be paid by 2023.

The following table summarizes a roll forward of the accrued liability recorded in Accrued expenses and other liabilities:


(In millions)
Balance, December 31, 2021	$	103
2022 payments	(14)
Balance, March, 31, 2022	$	89