Restructuring Actions and Exit Activities

3 Months Ended

Mar. 31, 2018

Restructuring Actions and Exit Activities

Restructuring Actions and Exit Activities

NOTE 5.  Restructuring Actions and Exit Activities

2017 Restructuring Actions:

During the second quarter of 2017, management approved and committed to undertake certain restructuring actions primarily focused on portfolio and footprint optimization. These actions affected approximately 1,300 positions worldwide and resulted in a second quarter 2017 pre-tax charge of $99 million.

Components of these restructuring actions, including cash and non-cash impacts, follow:

(Millions)	Employee-Related
Expense incurred in the second quarter of 2017	$	99
Cash payments		(8)
Adjustments		(3)
Accrued restructuring actions balance as of December 31, 2017	$	88
Cash payments		(5)
Adjustments		(4)
Accrued restructuring actions balance as of March 31, 2018	$	79

Remaining activities related to restructuring are expected to be completed by the end of 2018.

2017 Exit Activities:

During the first quarter of 2017, the Company recorded net pre-tax charges of $24 million related to exit activities. These charges related to employee reductions, primarily in Western Europe.