We engage in restructuring actions, including Project Own It, as well as other transformation efforts in order to reduce our cost structure and realign it to the changing nature of our business. As part of our efforts to reduce costs, our restructuring actions may also include the off-shoring and/or outsourcing of certain operations, services and other functions, as well as reducing our real estate footprint.

During the six months ended June 30, 2022, we recorded net restructuring charges of $40, which included $44 of severance costs related to headcount reductions of approximately 1,050 employees worldwide, and $1 of other contractual termination costs. These costs were partially offset by $5 of net reversals, which primarily reflect changes in estimated reserves from prior period initiatives. Charges were primarily related to the Print and Other segment as amounts related to the Financing (FITTLE) segment were immaterial for all periods presented.


	Severance and Related Costs		Other Contractual Termination Costs(2)		Total
Balance at December 31, 2021	$	25	$	2	$	27
Provision	22		—		22
Reversals	(3)		—		(3)
Net current period charges(1)	19		—		19
Charges against reserve and currency	(7)		—		(7)
Balance at March 31, 2022	37		2		39
Provision	22		1		23
Reversals	(1)		(1)		(2)
Net current period charges(1)	21		—		21
Charges against reserve and currency	(14)		—		(14)
Balance at June 30, 2022	$	44	$	2	$	46

(1)Represents net amount recognized within the Condensed Consolidated Statements of (Loss) Income for the period shown for restructuring charges.

(2)Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs.


	Six Months Ended June 30,
		2022		2021
Charges against reserve and currency		$	(21)	$	(62)

Effects of foreign currency and other non-cash items		—		13
Restructuring cash payments		$	(21)	$	(49)


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Retention related severance/bonuses(1)	$	—	$	3	$	(2)	$	(1)
Contractual severance costs	(1)		3		(1)		3
Consulting and other costs(2)	—		2		—		2
Total	$	(1)	$	8	$	(3)	$	4

(1)Includes retention related severance and bonuses for employees expected to continue working beyond their minimum notification period before termination. The credit for the six months ended June 30, 2022 and 2021 reflects a change in estimate.

Cash paid for restructuring related costs were $2 and $6 for the six months ended June 30, 2022 and 2021, respectively. The restructuring related costs reserve was $13 and $18 at June 30, 2022 and December 31, 2021, respectively. The balance at June 30, 2022 is expected to be paid over the next twelve months.

In connection with our restructuring programs, during the six months ended June 30, 2022, we recorded a net gain of $18, which included a gain of $20 on the sale of surplus buildings and land. Information related to our restructuring-related asset impairment activity is summarized below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Lease right of use assets(1)	—		2		1		2
Owned assets(1)	1		—		1		10
Asset impairments	1		2		2		12
Gain on sales of assets(2)	(20)		—		(20)		—
Adjustments/Reversals	—		(1)		—		(1)
Net asset impairment charges	$	(19)	$	1	$	(18)	$	11

(1)Primarily related to the exit and abandonment of leased and owned facilities, net of any potential sublease income and recoveries.