Restructuring Costs

3 Months Ended

Mar. 31, 2012

The Company recorded total restructuring costs of $4 million in the first three months of 2012, the majority of which related to severance.

Details of the activity from January 1, 2011 through March 31, 2012 regarding restructuring activities, which includes liabilities from actions prior to 2012, are as follows:



(In millions of dollars)	Liability at 1/1/11		Amounts Accrued		Cash Paid			Other			Liability at 12/31/11		Amounts Accrued		Cash Paid			Other			Liability at 3/31/12
Severance	$	40	$	29	$	(40	)	$	(2	)	$	27	$	4	$	(20	)	$	6		$	17
Future rent under non-cancelable leases and other costs	171		22		(42		)	3			154		—		(9		)	(3		)	142
Total	$	211	$	51	$	(82	)	$	1		$	181	$	4	$	(29	)	$	3		$	159

The expenses associated with the above initiatives are included in compensation and benefits and other operating expenses in the consolidated statements of income. The liabilities associated with these initiatives are classified on the consolidated balance sheets as Accounts payable, Other liabilities, or Accrued compensation, depending on the nature of the 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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