Subsequent Events

9 Months Ended

Sep. 30, 2012

Subsequent Event [Line Items]

Subsequent Events [Text Block]

Subsequent Events

Renewal Expansion

In October 2012, the Company committed to an expansion of Project Renewal, designed to further simplify and align the business around two key activities – Brand & Category Development and Market Execution & Delivery. As part of the expanded program, the Company's Consumer and Professional groups will be eliminated and the Company's nine global business units will be streamlined into six business segments. The Company will begin reporting under the new structure in the fourth quarter of 2012.

In connection with the expansion of Project Renewal, the Company expects to incur incremental cash costs of $225 to $250 million, approximately 80% of which are employee-related cash costs, including severance, retirement, and other termination benefits and costs. The Company also expects to record pretax restructuring charges in the range of $250 to $275 million over the same period. Cumulative costs of the expanded Project Renewal are now expected to be $340 to $375 million pretax, with cash costs of $300 to $340 million. Project Renewal, as expanded, is expected to be complete by mid-2015.

Dividends

In October 2012, the Company's Board of Directors approved an increase in the quarterly dividend payable to stockholders from $0.10 per share to $0.15 per share, effective with the dividend payable in December 2012.