Restructuring

During the years ended December 31, 2015, 2014, and 2013, the Company recorded restructuring charges in connection with management’s alignment of the business with strategic objectives, cost savings initiatives and the departure of certain executive officers.

On May 4, 2015, the Company announced a strategic expense management initiative to optimize its annualized expense base by mid-2016. Anticipated restructuring costs will be approximately $75 million, mainly cash, and commenced in the second quarter of 2015. The net charge is expected to include costs for severance, retention and transition, asset impairments, professional services fees, and gains/losses on the sale of facilities. The vast majority of the net charge will be related to personnel (severance, retention and transition).

A summary of net pretax benefits (charges), incurred by segment, for each period is as follows:



	Year ended December 31,
(in millions)	2015			2014			2013
Global Business Solutions	$	(20	)	$	—		$	(14	)
Global Financial Solutions	(11		)	1			(4		)
Network & Security Solutions	(3		)	(2		)	(6		)
Corporate	(19		)	(12		)	(24		)
Restructuring, net	$	(53	)	$	(13	)	$	(48	)

The following table summarizes the Company’s utilization of restructuring accruals for the years ended December 31, 2014 and 2015:



(in millions)	Employee Severance			Other
Remaining accrual as of January 1, 2014	$	21		$	—
Restructuring, net	12			1
Cash payments and other	(21		)	—
Remaining accrual as of December 31, 2014	12			1
Restructuring, net	46			7
Cash payments and other	(29		)	(7		)
Remaining accrual as of December 31, 2015	$	29		$	1