Item 2.05 Costs Associated with Exit or Disposal Activities
On April 4, 2009, the Company approved certain plans relating to its cost-reduction initiatives. These plans, plus other plans approved since the filing of the Company's Form 8-K on January 21, 2009, relate to workforce reductions of approximately 2,800 employees and will result in a pre-tax charge of approximately $110 million in the first quarter of 2009, relating to severance costs. These plans also include other exit-related activities, including the termination of contractual commitments and asset impairments, resulting in additional pre-tax charges of approximately $13 million in the first quarter of 2009.
These charges, together with charges included in the Company's Form 8-K filed on January 21, 2009, bring the pre-tax charge in the first quarter of 2009 to approximately $229 million, comprised of $216 million in charges for severance costs relating to approximately 5,600 employees and $13 million in charges for exit-related activities described above. The majority of the cash payments associated with these plans have occurred in the first quarter of 2009 with the remainder expected to be paid out in future quarters of 2009. All of the Company's business segments, as well as various corporate functions, are impacted by these plans.

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