Exit and Other Related Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Summary of the Activity in Exit Liabilities

The following is a summary of the activity in the Company’s exit and other related liabilities for the years ended December 31, 2021 and 2020:

	Investor Services Employee Compensation and Benefits		Advisor Services Employee Compensation and Benefits		Total
Balance at December 31, 2019	$	—	$	—	$	—
Exit and other related liabilities assumed in business acquisition	18		5		23
Amounts recognized in expense (1)	138		38		176
Costs paid or otherwise settled	(70)		(19)		(89)
Balance at December 31, 2020 (2)	$	86	$	24	$	110
Amounts recognized in expense (1)	66		17		83
Costs paid or otherwise settled	(124)		(34)		(158)
Balance at December 31, 2021 (2)	$	28	$	7	$	35

(1) Amounts recognized in expense for severance pay and other termination benefits, as well as retention costs, are primarily included in compensation and benefits on the consolidated statements of income. The year ended December 31, 2021 includes a reduction of the liability resulting from changes in estimates of $9 million and $2 million in Investor Services and Advisor Services, respectively.

(2) Included in accrued and expenses and other liabilities on the consolidated balance sheets.

Summary of the Cumulative Amount of Acquisition-Related Exit Costs

The following table summarizes the exit and other related costs recognized in expense for the year ended December 31, 2021:

	Investor Services						Advisor Services
	Employee Compensation and Benefits		Facility Exit Costs (1)		Investor Services Total		Employee Compensation and Benefits		Facility Exit Costs (1)		Advisor Services Total		Total
Compensation and benefits	$	66	$	—	$	66	$	17	$	—	$	17	$	83
Occupancy and equipment	—		18		18		—		4		4		22
Professional services	—		1		1		—		—		—		1
Other	—		2		2		—		—		—		2
Total	$	66	$	21	$	87	$	17	$	4	$	21	$	108

(1) Costs related to facility closures. These costs, which are primarily comprised of accelerated amortization of ROU assets, relate to the impact of abandoning leased and other properties.

The following table summarizes the exit and other related costs recognized in expense for the year ended December 31, 2020:

	Investor Services						Advisor Services
	Employee Compensation and Benefits		Facility Exit Costs (1)		Investor Services Total		Employee Compensation and Benefits		Facility Exit Costs (1)		Advisor Services Total		Total
Compensation and benefits	$	138	$	—	$	138	$	38	$	—	$	38	$	176
Occupancy and equipment	—		6		6		—		1		1		7
Depreciation and amortization	—		2		2		—		1		1		3
Total	$	138	$	8	$	146	$	38	$	2	$	40	$	186

(1) Costs related to facility closures. These costs, which are comprised of accelerated amortization of ROU assets and accelerated depreciation of fixed assets, relate to the impact of abandoning leased and other properties.

The following table summarizes the exit and other related costs incurred from October 6, 2020 through December 31, 2021:

	Investor Services						Advisor Services
	Employee Compensation and Benefits		Facility Exit Costs (1)		Investor Services Total		Employee Compensation and Benefits		Facility Exit Costs (1)		Advisor Services Total		Total
Compensation and benefits	$	204	$	—	$	204	$	55	$	—	$	55	$	259
Occupancy and equipment	—		24		24		—		5		5		29
Depreciation and amortization	—		2		2		—		1		1		3
Professional services	—		1		1		—		—		—		1
Other	—		2		2		—		—		—		2
Total	$	204	$	29	$	233	$	55	$	6	$	61	$	294

(1) Costs related to facility closures. These costs, which are primarily comprised of accelerated amortization of ROU assets and accelerated depreciation of fixed assets, relate to the impact of abandoning leased and other properties.