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Realignment and Efficiency Plan
 6 Months Ended
Jun. 30, 2013
Realignment And Efficiency Plan [Abstract]  
Realignment and Efficiency Plan

Note 7 — Realignment and Efficiency Plan

 

During the third quarter of 2012, in connection with the execution of its strategy, the Company committed to a series of actions to further improve its organizational alignment, operational effectiveness, and efficiency.  As a result, the Company recognized charges in other operating expenses of $77 million pre-tax ($50 million after-tax) in the third quarter of 2012 consisting primarily of severance costs. Summarized below is activity in the liability for the six months ended June 30, 2013:

 

(In millions) Severance Real estate Total
Balance, January 1, 2013$ 67$ 4$ 71
Less: First Quarter 2013 Payments  8  1  9
Less: Second Quarter 2013 Payments  16    16
Balance, June 30, 2013$ 43$ 3$ 46

The severance costs are expected to be substantially paid in 2013.