Asset Impairment Charges and Exit Costs

3 Months Ended

Mar. 31, 2013

Asset Impairment Charges And Exit Costs [Abstract]

Note 14. Asset Impairment Charges and Exit Costs

There were no significant asset impairment charges and exit costs recognized in the quarter ended March 31, 2013.

The following table summarizes the Company’s significant asset impairment, exit, and restructuring costs for the three months ended March 31, 2012:



	Three Months Ended
	March 31, 2012
		(In millions)

Employee-related costs ⁽¹⁾	$	71
Facility exit and other related costs ⁽²⁾		14
Total asset impairment, exit, and restructuring costs	$	85

⁽¹⁾	These costs primarily consist of one-time termination benefits provided to employees who were involuntarily terminated and $34 million for pension and remeasurement charges triggered by an amendment of the Company’s U.S. plans due to the voluntary early retirement program.

⁽²⁾	Facility exit and other related costs consist of asset impairment charges and other costs related to the exit of the Walhalla, ND, ethanol facility.

In January 2012, the Company announced a plan to streamline its organizational structure, reducing its global workforce to enhance the cost structure of the Company. Over 1,200 positions, primarily salaried, were eliminated. To help achieve this reduction, the Company offered a voluntary early retirement incentive in the U.S. These actions, in concert with other targeted cost reductions, have reduced the Company’s annual pre-tax expenses by approximately $150 million. The Company achieved a significant portion of the position reductions through the voluntary early retirement incentive in the U.S. and offered severance and outplacement assistance to other affected employees.