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Restructuring and Other Charges, Net | 12 Months Ended
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Dec. 31, 2012
Restructuring and Other Charges, Net |
Restructuring and Other Charges, Net | (4) Restructuring and Other Charges, Net The Company's Board of Directors approves all major restructuring programs that involve the discontinuance of product lines or the shutdown of facilities. From time to time, the Company takes additional restructuring actions, including involuntary terminations that are not part of a major program. The Company accounts for these costs in the period that the individual employees are notified or the liability is incurred. These costs are included in restructuring and other charges in the Company's consolidated statements of operations. In April 2011, the Board approved an integration program in association with the acquisition of Socla. The program was designed to integrate certain operations and management structures of Socla with a total estimated pre-tax cost of $6.4 million, with costs being incurred through 2012. The Company has revised its forecast to $4.2 million primarily to reflect reduced severance costs. The total net after-tax charge is $2.8 million, with costs being fully incurred in 2012. The Company also periodically initiates other actions which are not part of a major program. In 2012, the Company commenced restructuring activities in North America to relocate certain production activities, which included the closure of a manufacturing site. Total expected costs are $2.2 million, including severance and shutdown costs. The net after tax charge of $1.3 million will be incurred through mid-2013. In December 2012, the Company initiated restructuring activities in Europe to relocate certain manufacturing activities. Total expected costs are $1.7 million, including severance and relocation costs. During 2011, the Company initiated several actions that were not part of a major program. In September 2011, the Company announced a plan of termination that would result in a reduction of approximately 10% of North American non-direct payroll costs. The Company recorded a charge of $1.1 million for severance in connection with the plan during the year ended December 31, 2011. Also in 2011, the Company initiated restructuring activities with respect to the Company's operating facilities in Europe, which included the closure of a facility. The Europe restructuring activities included pre-tax costs of approximately $4.0 million, including costs for severance and shut-down costs. All costs were incurred as of December 31, 2012. During 2012 and 2011, the Company recorded a credit in restructuring and other charges, net related to the reduction in the contingent liability for the anticipated earnout payment in connection with the BRAE acquisition of $1.0 million and $1.2 million, respectively. A summary of the pre-tax cost by restructuring program is as follows:
|  | Years Ended December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |  | 2010 |
|  | (in millions) |
Restructuring costs: |  |  |  |  |  |  |  |  |  |
2007 Actions |  | $ | — |  | $ | — |  | $ | 1.0 |
2009 Actions |  |  | — |  |  | — |  |  | 1.8 |
2010 Actions |  |  | 0.6 |  |  | 3.3 |  |  | 11.1 |
2011 Actions |  |  | 1.1 |  |  | 3.1 |  |  | — |
Other Actions |  |  | 3.6 |  |  | 3.6 |  |  | 0.2 |
Total restructuring costs incurred |  |  | 5.3 |  |  | 10.0 |  |  | 14.1 |
Income related to contingent liability reduction |  |  | (1.0 | ) |  | (1.2 | ) |  | — |
Less: amounts included in cost of goods sold |  |  | — |  |  | — |  |  | (1.5 | )
Total restructuring and other charges |  | $ | 4.3 |  | $ | 8.8 |  | $ | 12.6 |
The Company recorded net pre-tax restructuring in its business segments as follows:
|  | Years Ended December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |  | 2010 |
|  | (in millions) |
North America |  | $ | 1.3 |  | $ | 1.2 |  | $ | 4.1 |
Europe |  |  | 4.0 |  |  | 8.6 |  |  | 9.2 |
Asia |  |  | — |  |  | 0.2 |  |  | 0.8 |
Total |  | $ | 5.3 |  | $ | 10.0 |  | $ | 14.1 |
Also, during 2011, the Company recorded a tax charge of $1.1 million related to restructuring in France offset by a net tax benefit of $3.7 million realized in connection with the disposition of TWVC. 2011 Actions The following table summarizes the total expected, incurred and remaining pre-tax costs for the 2011 Socla integration program:
Reportable Segment |  | Total Expected Costs |  | Incurred through December 31 2011 |  | Additional Costs Incurred through December 31 2012 |  | Remaining Costs at December 31, 2012 |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | (in millions) |
Europe |  | $ | 4.0 |  | $ | 2.9 |  | $ | 1.1 |  | $ | — |
Asia |  |  | 0.2 |  |  | 0.2 |  |  | — |  |  | — |
Total |  | $ | 4.2 |  | $ | 3.1 |  | $ | 1.1 |  | $ | — |
Details of the Company's 2011 Socla integration reserves for the years ended December 31, 2012 and 2011 are as follows:
|  | Severance |
--- | --- | --- | ---
Balance at December 31, 2010 |  | $ | — |
Net pre-tax restructuring charges |  |  | 3.1 |
Utilization and foreign currency impact |  |  | (2.7 | )
Balance at December 31, 2011 |  | $ | 0.4 |
Net pre-tax restructuring charges |  |  | 1.1 |
Utilization and foreign currency impact |  |  | (1.0 | )
Balance at December 31, 2012 |  | $ | 0.5 |
The Company expects to exhaust the remaining reserve by mid-2013. The following table summarizes expected, incurred and remaining severance costs for the 2011 Socla integration actions by type:
|  | Severance |
--- | --- | --- | ---
Expected costs |  | $ | 4.2 |
Costs Incurred—2011 |  |  | (3.1 | )
Costs Incurred—2012 |  |  | (1.1 | )
Remaining costs at December 31, 2012 |  | $ | — |
2010 Actions On February 8, 2010, the Board approved a restructuring program with respect to the Company's operating facilities in France. The restructuring program included the consolidation of five facilities into two facilities. The program was originally expected to include pre-tax charges totaling approximately $12.5 million, including costs for severance, relocation, clean-up and certain asset write-downs. The Company revised its forecast to $17.1 million primarily to reflect additional severance and legal costs. The Company recorded certain severance costs related to this program in 2009 as the amounts related to contractual or statutory obligations. The 2010 restructuring program is substantially complete. On September 13, 2010, the Board approved a restructuring program with respect to certain of the Company's operating facilities in the United States. The restructuring program included the shutdown of two manufacturing facilities in North Carolina. Operations at these facilities have been consolidated into the Company's manufacturing facilities in New Hampshire, Missouri and other locations. The program originally included pre-tax charges totaling approximately $4.9 million, including costs for severance, shutdown costs and equipment write-downs and pre-tax training and pre-production set-up costs of approximately $2.0 million. The Company revised its forecast to $2.5 million due to reduced shutdown costs. The total net after-tax charge for this restructuring program was approximately $1.5 million. The restructuring program was completed in 2012. The following table summarizes the total expected, incurred and remaining pre-tax costs for the 2010 Europe and North America footprint consolidation-restructuring programs by the Company's reportable segments:
|  | Total Expected Costs |  | Incurred through December 31, 2011 |  | Additional Costs incurred through December 31, 2012 |  | Remaining Costs |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | (in millions) |  |  |
Europe |  | $ | 17.1 |  | $ | 16.5 |  | $ | 0.6 |  | $ | — |
North America |  |  | 2.5 |  |  | 2.5 |  |  | — |  | $ | — |
Total |  | $ | 19.6 |  | $ | 19.0 |  | $ | 0.6 |  | $ | — |
Details of the Company's 2010 Europe and North America footprint consolidation-restructuring program reserves through December 31, 2012 are as follows:
|  | Severance |  | Asset write-downs |  | Facility exit and other |  | Total |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | (in millions) |
Balance at December 31, 2009 |  | $ | 4.2 |  | $ | — |  | $ | — |  | $ | 4.2 |
Net pre-tax restructuring charges |  |  | 4.9 |  |  | 1.7 |  |  | 4.5 |  |  | 11.1 |
Utilization and foreign currency impact |  |  | (1.7 | ) |  | (1.7 | ) |  | (4.5 | ) |  | (7.9 | )
Balance at December 31, 2010 |  | $ | 7.4 |  | $ | — |  | $ | — |  | $ | 7.4 |
Net pre-tax restructuring charges |  |  | 1.5 |  |  | 0.5 |  |  | 1.3 |  |  | 3.3 |
Utilization and foreign currency impact |  |  | (6.0 | ) |  | (0.5 | ) |  | (1.3 | ) |  | (7.8 | )
Balance at December 31, 2011 |  | $ | 2.9 |  | $ | — |  | $ | — |  | $ | 2.9 |
Net pre-tax restructuring charges |  |  | 0.3 |  |  | — |  |  | 0.3 |  |  | 0.6 |
Utilization and foreign currency impact |  |  | (1.6 | ) |  | — |  |  | (0.3 | ) |  | (1.9 | )
Balance at December 31, 2012 |  | $ | 1.6 |  | $ | — |  | $ | — |  | $ | 1.6 |
The following table summarizes expected, incurred and remaining costs for the Company's 2010 Europe and North America footprint consolidation-restructuring actions by type:
|  | Severance |  | Asset write-downs |  | Facility exit and other |  | Total |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | (in millions) |
Expected costs |  | $ | 10.9 |  | $ | 2.2 |  | $ | 6.5 |  | $ | 19.6 |
Costs incurred—2009 |  |  | (4.2 | ) |  | — |  |  | (0.4 | ) |  | (4.6 | )
Costs incurred—2010 |  |  | (4.9 | ) |  | (1.7 | ) |  | (4.5 | ) |  | (11.1 | )
Costs incurred—2011 |  |  | (1.5 | ) |  | (0.5 | ) |  | (1.3 | ) |  | (3.3 | )
Costs incurred—2012 |  |  | (0.3 | ) |  | — |  |  | (0.3 | ) |  | (0.6 | )
Remaining costs at December 31, 2012 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 146 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140904-122747 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140864-122747 + Details
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