RESTRUCTURING AND ASSET IMPAIRMENT ACTIVITIES

3 Months Ended

Mar. 31, 2015

RESTRUCTURING ACTIVITIES

RESTRUCTURING ACTIVITIES

3)RESTRUCTURING ACTIVITIES

We recorded pre-tax charges of $1 million and $2 million during the first quarters of 2015 and 2014, respectively, to facility closures, severance and related costs in our Consolidated Statements of Operations.  The first quarter 2015 charge was mainly for severance related to the planned closure of our West Lafayette, IN facility that was initiated in February 2015 under the restructuring plan approved by our Board of Directors (the “Board”) in November 2014.  The first quarter 2014 charge was primarily for severance and professional fees related to our organizational restructuring plan that was approved by the Board in 2013.

A summary of the changes in the liabilities established for restructuring programs during the first quarter of 2015 is as follows:

(In millions)	Severance and Related Costs
Balance at December 31, 2014	$	21
2015 charge	1
Cash payments	(12		)
Balance at March 31, 2015	$	10

At March 31, 2015 and December 31, 2014, the balance of these reserves were included in accrued expenses in our Consolidated Balance Sheet.