Business Restructuring

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Business Restructuring

Business Restructuring The Company records restructuring liabilities that represent charges incurred in connection with consolidations of certain operations, including both operations from acquisitions and headcount reduction programs. These charges consist primarily of severance costs and certain other cash costs. As a result of these programs, the Company also incurs incremental non-cash accelerated depreciation expense for certain assets due to their reduced expected useful life. These charges are not allocated to the Company’s reportable business segments. Refer to Note 16, "Reportable Business Segment Information" for additional information.

The following table summarizes restructuring reserve activity for the nine months ended September 30, 2023 and 2022:

	Total Reserve
($ in millions)	2023	2022
January 1	$169	$231
Approved restructuring actions	12	84
Release of prior reserves and other adjustments(a)	(16)	(48)
Cash payments	(44)	(63)
Foreign currency impact	(2)	(23)
September 30	$119	$181

(a)Certain releases were recorded to reflect the current estimate of costs to complete planned business restructuring actions.

The majority of the approved business restructuring actions and associated cash outlays are expected to be completed in 2023 and 2024.