Annual report pursuant to Section 13 and 15(d)

TRANSFORMATION STRATEGY

v3.20.4
TRANSFORMATION STRATEGY
 12 Months Ended
Dec. 31, 2020
Restructuring and Related Activities [Abstract]  
TRANSFORMATION STRATEGY TRANSFORMATION STRATEGY COSTS
In the first quarter of 2018, we launched the first phase of a multi-year, enterprise-wide transformation strategy impacting our organization. Over the next several years additional phases will be implemented. The program includes investments, as well as changes in processes and technology, that impact global direct and indirect operating costs.
The table below presents the transformation strategy costs for the years ended December 31, 2020, 2019 and 2018 (in millions):
Transformation Strategy Costs 2020 2019 2018
Compensation and benefits $ 211  $ 166  $ 262 
Total other expenses 137  89  98 
Total Transformation Strategy Costs $ 348  $ 255  $ 360 
Income Tax Benefit from Transformation Strategy Costs (83) (59) (87)
After-Tax Transformation Strategy Costs $ 265  $ 196  $ 273 
The income tax effects of transformation strategy costs are calculated by multiplying the amount of the adjustments by the statutory tax rates applicable in each tax jurisdiction.