tax balances and a $27 million credit from the reduction of valuation reserves for capital loss carryovers. The following table presents a detail of the $74 million corporate-wide organizational restructuring program charge in 2004, by business: The following table presents a roll forward of the severance and other costs included in the 2004 restructuring plans: This footnote discusses restructuring, business improvement and other charges recorded for each of the three years included in the period ended December 31, 2004. It includes a summary of activity for each year, a roll forward associated with severance and other cash costs arising in each year, a table presenting details of the 2004 organizational restructuring program, and tables showing quarterly charges by business along with explanations for 2003 and 2002. 2004: During 2004, restructuring and other charges before taxes and minority interest of $211 million ($124 million after taxes and minority interest) were recorded. These charges included a $74 million charge before taxes and minority interest ($43 million after taxes and minority interest) for a corporate-wide organizational restructuring program, a $92 million charge before taxes ($57 million after taxes) for losses on early extinguishment of debt, a $35 million charge before minority interest ($18 million after minority interest) for the impairment of goodwill arising in connection with CHH’s purchase of Plantation Timber Products (PTP) and a $10 million charge before taxes ($6 million after taxes) for legal settlements. In addition, credits of $123 million before taxes ($76 million after taxes) for net insurance recoveries related to the hardboard siding and roofing litigation (see Note 10) and $35 million before taxes and minority interest ($22 million after taxes and minority interest) for the net reversal of restructuring reserves no longer needed were recorded. Also, a $5 million net increase in the tax provision, after minority interest, was recorded reflecting a $32 million charge for an adjustment of deferred 2003: During 2003, restructuring and other charges before taxes and minority interest of $298 million ($184 million after taxes and minority interest) were recorded. These charges included a $236 million charge before taxes and minority interest ($144 million after taxes and minority interest) for asset shutdowns of excess internal capacity and cost reduction actions, a $63 million charge before taxes ($39 million after taxes) for legal reserves, and a $1 million credit before taxes ($1 million charge after taxes) for early debt retirement costs. In addition, a $40 million credit before taxes and minority interest ($25 million after taxes and minority interest) was recorded for the net reversal of restructuring reserves no longer required. The severance charges recorded in 2004 related to 984 employees. As of December 31, 2004, 833 employees had been terminated and 151 employees retained. Actual pension and postretirement costs exceeded estimates despite the lower number of employees terminated. In December 2002, CHH acquired Starwood Australia’s Bell Bay medium density fiberboard plant in Tasmania for $28 million in cash. This acquisition was accounted for using the purchase method with operating results included in the consolidated statement of operations from the date of acquisition. First Second Third In millions Quarter Quarter Quarter Total Printing Papers $ 1 $ 1 $ 5 $ 7 Industrial and  Consumer Packaging 5 3 6 14 Forest Products 4 1 - 5 Distribution 2 2 3 7 Specialty Businesses  and Other - 11 - 11 Administrative Support Groups 2 24 4 30 $14 $42 $18 $74 In millions, except per share amounts,  for the years ended December 31 2004) 2003 2002) Net sales $25,802) $24,448 $24,385) Earnings from continuing  operations 483) 299 273) Net earnings (loss) (30) 307 (867) Earnings from continuing  operations per common  share 0.99) 0.62 0.57) Net earnings (loss) per  common share (0.06) 0.64 (1.80) Severance) In millions and Other) Opening Balance (first quarter 2004) $ 14) Additions (second quarter 2004) 42) Additions (third quarter 2004) 18) 2004 Activity  Cash charges (52) Reclassifications: Pension and postretirement curtailments and special termination benefits (22) Balance, December 31, 2004 $ -) NOTE 6 RESTRUCTURING, BUSINESS  IMPROVEMENT AND OTHER  CHARGES 49