Restructuring

12 Months Ended

Dec. 31, 2020

Restructuring Charges [Abstract]

Restructuring

RESTRUCTURING

We periodically initiate restructuring programs to support new business strategies and to enhance our overall effectiveness and efficiency. In connection with these programs, we will typically incur severance and other exit costs.

We had $197 million, $135 million and $69 million accrued in total restructuring reserves as of December 31, 2020, 2019 and 2018, respectively. New charges, including net revisions to existing restructuring reserves, which primarily relate to the redeployment of displaced colleagues to other positions, were $125 million, $125 million and $(23) million, for the years ended December 31, 2020, 2019 and 2018, respectively. Cumulatively, we recognized $383 million relating to the restructuring programs that were in progress during 2020 and initiated at various dates between 2016 and 2020, the majority of which has been reflected within Corporate & Other.