TRANSFORMATION STRATEGY (Notes) |
3 Months Ended |
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Mar. 31, 2019 | |
| Restructuring and Related Activities [Abstract] | |
| TRANSFORMATION STRATEGY |
TRANSFORMATION STRATEGY In the first quarter of 2018, we launched the first phase of a multi-year, enterprise-wide transformation strategy that is expected to impact our organization. Over the next few years additional phases will be implemented. The program includes investments impacting global direct and indirect operating costs, as well as changes in processes and technology.
During the quarter ended March 31, 2019, we recorded a pre-tax charge of $123 million that reflects costs and other employee benefits of $106 million for the quarter included within "Compensation and benefits" on the statements of consolidated income, and other costs of $17 million recorded to total other expenses. The after-tax transformation strategy costs totaled $93 million in the first quarter of 2019. The income tax effects of the transformation strategy costs are calculated by multiplying the amount of the adjustments by the statutory tax rates applicable in each tax jurisdiction. There were no comparable costs for the first three months of 2018.
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- References No definition available.
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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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