How do you call the process of taking a part of a function and making an individual function of it?

Question

I know there was a technical term for this. I'm just can't remember what it was.

If the title needs clarification, here is what I mean; If this is the old code:

Result foobar(Param1,Param2,Param3) {
  code that does abc
  code that does xyz
  code that does asdf
  more code that does something
}

and it's changed into:

SomeResult do_xyz(SomeParams) {
  code that does xyz
}
Result foobar() {
  code that does abc
  do_xyz(args);
  code that does asdf
  more code that does something
}