Restructuring

During the three months ended March 31, 2016 and 2015, the Company recorded restructuring charges in connection with management’s alignment of the business with strategic objectives, cost savings initiatives, the departure of certain executive officers, and refinements of estimates.

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 $125 million, which includes approximately $25 million related to non-cash charges associated with the sale of facilities. The Company has expensed approximately $74 million through March 31, 2016. The net charge is mostly due to costs for severance, retention, and transition, but also includes asset impairments, professional services fees, and gains/losses on the sale of facilities.

A summary of net pretax charges incurred by segment and reported within "Other operating expenses" on the consolidated statement of operations was as follows for the periods presented:



	Three months ended March 31,
(in millions)	2016			2015
Global Business Solutions	$	(3	)	$	—
Global Financial Solutions	(1		)	—
Network & Security Solutions	(2		)	—
Corporate	(15		)	(1		)
Restructuring, net	$	(21	)	$	(1	)

The following table summarizes the Company’s utilization of restructuring accruals for the period presented:



(in millions)	Employee Severance			Other
Remaining accrual as of January 1, 2016	$	29		$	1
Restructuring, net	21			—
Cash payments and other	(25		)	(1		)
Remaining accrual as of March 31, 2016	$	25		$	—