TRANSFORMATION STRATEGY (Notes) |
9 Months Ended |
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Sep. 30, 2018 | |
| 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 September 30, 2018, we recorded a pre-tax charge of $97 million ($360 million year-to-date) that reflects costs and other benefits of $70 million for the quarter ($262 million year-to-date) included within "Compensation and benefits" on the statements of consolidated income, and other costs of $27 million ($98 million year-to-date) recorded to total other expenses. The after-tax transformation strategy costs totaled $73 million in the third quarter of 2018 ($273 million year-to-date). 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 nine months of 2017.
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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://www.xbrl.org/2003/role/presentationRef
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