Restructuring

12 Months Ended

Dec. 31, 2021

Restructuring Charges [Abstract]

Restructuring

RESTRUCTURING

We periodically initiate restructuring programs to support new business strategies and to enhance our overall effectiveness and efficiency. In connection with these programs, we will typically incur severance and other exit costs.

We had $67 million, $197 million and $135 million accrued in total restructuring reserves as of December 31, 2021, 2020 and 2019, respectively. New charges, including net revisions to existing restructuring reserves, which primarily relate to the redeployment of displaced colleagues to other positions, were $(10) million for the year ended December 31, 2021 and $125 million for each of the years ended December 31, 2020 and 2019, respectively. Cumulatively, we recognized $223 million relating to the restructuring programs that were in progress during 2021 and initiated at various dates between 2019 and 2020, the majority of which has been reflected within Corporate & Other.