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CHARGES FOR RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS
9 Months Ended
Sep. 30, 2011
CHARGES FOR RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS
CHARGES FOR RESTRUCTURING, CLOSURES AND ASSET IMPAIRMENTS
We review the carrying value of our assets whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Impairments typically occur when we make decisions to curtail, close, sell or restructure operations.

Charges for restructuring, closures and asset impairments for the quarters and year-to-date periods ended September 30, 2011 and 2010, include:
 
QUARTER ENDED
 
YEAR-TO-DATE ENDED
DOLLAR AMOUNTS IN MILLIONS    
SEPTEMBER 2011
 
SEPTEMBER 2010
 
SEPTEMBER 2011
 
SEPTEMBER 2010
Restructuring and closure charges:
 
 
 
 
 
 
 
Termination benefits
$
—

 
$
10

 
$
1

 
$
10

Pension and postretirement charges
2

 
3

 
3

 
3

Other restructuring and closure costs
5

 
1

 
11

 
4

 
7

 
14

 
15

 
17

Asset Impairments:
 
 
 
 
 
 
 
Long-lived assets
30

 
2

 
33

 
3

Real estate impairments
2

 
—

 
2

 
2

Other assets
2

 
—

 
2

 
—

 
34

 
2

 
37

 
5

Charges for restructuring, closures and impairments
$
41

 
$
16

 
$
52

 
$
22



Asset impairments in third quarter 2011 included $29 million of impairment charges in the Wood Products segment primarily related to the decision to permanently close four engineered lumber facilities that had been previously indefinitely closed. The fair values of the facilities were determined using significant unobservable inputs (Level 3) based on liquidation values.
Changes in accrued severance related to restructuring and facility closures during the year-to-date period ended September 30, 2011 were as follows:
DOLLAR AMOUNTS IN MILLIONS    
 
Accrued severance as of December 31, 2010
$
20

Charges
1

Payments
(18
)
Accrued severance as of September 30, 2011
$
3