Annual report pursuant to Section 13 and 15(d)

TRANSFORMATION STRATEGY

v3.22.4
TRANSFORMATION STRATEGY
 12 Months Ended
Dec. 31, 2022
Restructuring and Related Activities [Abstract]  
TRANSFORMATION STRATEGY TRANSFORMATION STRATEGY COSTS
Our strategy includes a multi-year, enterprise-wide transformation of our organization. The program includes initiatives, 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, 2022, 2021 and 2020 (in millions):
2022 2021 2020
Compensation and benefits $ 46  $ 206  $ 211 
Total other expenses 132  174  137 
Total Transformation Strategy Costs $ 178  $ 380  $ 348 
Income Tax Benefit from Transformation Strategy Costs (36) (95) (83)
After-Tax Transformation Strategy Costs $ 142  $ 285  $ 265 
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.