Repositioning Actions

3 Months Ended

Mar. 31, 2012

Repositioning Actions

In the first quarter of 2011, in connection with a continuing review of our businesses focused on enhancing our strategic position, improving our operations and rebalancing our workforce, we recorded $131.3 million of charges related to repositioning actions for severance, real estate lease terminations and asset and goodwill write-offs related to disposals and other costs.

Repositioning actions for the three months ended March 31, 2011 were (in millions):



Severance	$	92.8
Real estate lease terminations	15.3
Asset and goodwill write-offs related to disposals and other costs	23.2


	$	131.3

Severance was included in salary and service costs for the quarter ended March 31, 2011. Real estate lease terminations and asset and goodwill write-offs related to disposals and other costs were included in office and general expenses for the quarter ended March 31, 2011. Substantially all the severance and real estate lease termination payments were made as of December 31, 2011. All other costs are primarily non-cash items.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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