Company: HIG-PG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000874766-25-000023
Chunk: 1568

Company: HARTFORD INSURANCE GROUP, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 2
Chunk 1568
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 in property and equipment, net, in the Consolidated Balance Sheets. The lease liability as of December 31, 2024 and 2023 was $145 and $144, respectively, and is included in other liabilities in the Consolidated Balance Sheets. Variable lease costs include changes in interest rates on variable rate leases primarily for automobiles. During the years ended December 31, 2024, 2023 and 2022, variable lease costs of $0, $0 and $6, respectively, were reported in restructuring and other costs for lease terminations under Hartford Next (see Note 21 - Restructuring and Other Costs for more information), and were excluded from components of lease expense.Components of Lease ExpenseFor the years ended December 31,202420232022Operating lease cost$35 $36 $40 Short-term lease cost1 — — Variable lease cost1 (2)— Sublease income(3)(4)(4)Total lease costs included in insurance operating costs and other expenses$34 $30 $36 Supplemental Operating Lease InformationFor the years ended December 31,202420232022Operating cash flows for operating leases (for the twelve months ended)$33 $37 $56 Right-of-use asset obtained in exchange for new operating lease liabilities25 40 6 Weighted-average remaining lease term in years for operating leases6 years7 years6 yearsWeighted-average discount rate for operating leases4.3 %4.0 %3.0 %Maturities of Operating Lease Liabilities as of December 31, 2024 Operating Leases2025$31 202629 202727 202823 202919 Thereafter40 Total lease payments169 Less: Discount on lease payments to present value24 Total lease liability$145 

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|Index to Consolidated Financial Statements and SchedulesTable of ContentsNote 21 - Restructuring and Other CostsTHE HARTFORD INSURANCE GROUP, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

21. RESTRUCTURING AND OTHER COSTSIn recognition of the need to become more cost efficient and competitive along with enhancing the experience we provide to agents and customers, on July 30, 2020 the Company announced an operational transformation and cost reduction plan it refers to as Hartford Next. Hartford Next is intended to reduce annual insurance operating costs and other expenses through reduction of the Company's headcount, investment in information technology