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Commitments and Contingent Liabilities | 3 Months Ended
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Mar. 31, 2012
Commitments and Contingent Liabilities [Abstract] |
Commitments and Contingent Liabilities | 10. Commitments and Contingent Liabilities Litigation A few of the Company’s subsidiaries are involved in legal proceedings relating to the cleanup of waste disposal sites identified under federal and state statutes which provide for the allocation of such costs among “potentially responsible parties.” In each instance, the extent of the Company’s liability appears to be very small in relation to the total projected expenditures and the number of other “potentially responsible parties” involved and is anticipated to be immaterial to the Company. In addition, a few of the Company’s subsidiaries are involved in ongoing remedial activities at certain current and former plant sites, in cooperation with regulatory agencies, and appropriate reserves have been established. The Company and certain of its subsidiaries are also parties to a number of other legal proceedings incidental to their businesses. These proceedings primarily involve claims by private parties alleging injury arising out of use of the Company’s products, exposure to hazardous substances, patent infringement, employment matters and commercial disputes. Management and legal counsel, at least quarterly, review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred and currently accrued to-date, and the availability and extent of insurance coverage. While it is not possible at this time to predict the outcome of these legal actions, in the opinion of management, based on these reviews, it is unlikely that the disposition of the lawsuits and the other matters mentioned above will have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Letters of Credit As of March 31, 2012, the Company had approximately $74,733 outstanding in letters of credit with financial institutions, which expire at various dates in 2012 through 2026. These letters of credit are primarily maintained as security for insurance, warranty and other performance obligations. Warranty Accruals Estimated warranty program claims are provided for at the time of sale. Amounts provided for are based on historical costs and adjusted new claims. The changes in the carrying amount of product warranties through March 31, 2012 and 2011 are as follows:
|  | 2012 |  |  | 2011 |
Beginning Balance, January 1 |  | $ | 42,524 |  |  | $ | 40,032 |
Provision for warranties |  |  | 8,018 |  |  |  | 9,251 |
Settlements made |  |  | (8,008 | ) |  |  | (8,822 | )
Other adjustments, including acquisitions and currency translation |  |  | 3,313 |  |  |  | 658 |
Ending Balance, March 31 |  | $ | 45,847 |  |  | $ | 41,119 |
Restructuring Accruals From time to time, the Company will initiate various restructuring programs at its operating companies and incur severance and other restructuring costs. Recent restructuring initiatives have included targeted facility consolidations at certain businesses, which have not resulted in significant restructuring charges. The following table details the Company’s severance and other restructuring reserve activity:
|  | Severance |  |  | Exit |  |  | Total |
At December 31, 2011 |  | $ | 2,463 |  |  | $ | 3,129 |  |  | $ | 5,592 |
Provision |  |  | 1,216 |  |  |  | 287 |  |  |  | 1,503 |
Payments |  |  | (1,314 | ) |  |  | (1,028 | ) |  |  | (2,342 | )
Other |  |  | 22 |  |  |  | 31 |  |  |  | 53 |
At March 31, 2012 |  | $ | 2,387 |  |  | $ | 2,419 |  |  | $ | 4,806 |
The following table details restructuring charges incurred by segment for the periods presented:
|  | Three Months Ended March 31, |
|  | 2012 |  |  | 2011 |
Communication Technologies |  | $ | 1,009 |  |  | $ | 260 |
Energy |  |  | - |  |  |  | 410 |
Engineered Systems |  |  | 125 |  |  |  | 862 |
Printing & Identification |  |  | 369 |  |  |  | (53 | )
Total |  | $ | 1,503 |  |  | $ | 1,479 |
These amounts are classified in the Condensed Consolidated Statements of Earnings as follows:
Cost of goods and services |  | $ | 416 |  |  | $ | 86 |
Selling and administrative expenses |  |  | 1,087 |  |  |  | 1,393 |
Total |  | $ | 1,503 |  |  | $ | 1,479 |

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