Restructuring Charges

6 Months Ended

Jun. 30, 2017

Restructuring and Related Activities [Abstract]

Restructuring Charges

11. Restructuring Charges

In the first quarter of 2016, the Company initiated a workforce reduction program to align the size and composition of its workforce with its expected future operating and capital plans. Employee notifications related to the workforce reduction program were completed by June 30, 2016. The Company recognized restructuring charges included in G&A in the Company’s Consolidated Statements of Income of $48 million during the three months ended June 30, 2016, and $251 million during the six months ended June 30, 2016. All material restructuring charges were recognized in 2016, with the exception of settlement expense expected to be recognized during 2017 for lump-sum payments to terminated participants. During the six months ended June 30, 2017, the Company recognized restructuring charges of $17 million, primarily related to settlement expense. Restructuring charges for the remainder of 2017 could vary depending on market conditions and participant elections but are not expected to be material.