XML 72 R12.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Restructuring and Other Charges, Net | 12 Months Ended
--- | ---
Dec. 31, 2013
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 significant product lines or the shutdown of significant 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. 2013 Actions On July 30, 2013, the Board of Directors authorized a restructuring program with respect to the Company's EMEA segment to reduce its European manufacturing footprint by approximately 10%, improve organizational and operational efficiency and better align costs with expected revenues in response to changing market conditions. The restructuring program is expected to include a pre-tax charge to earnings totaling approximately $14.0 million, approximately $10.0 million of which is expected to be recorded through fiscal 2014 and the remainder recorded during fiscal 2015. The total charge will include costs for severance benefits, relocation, site clean-up, professional fees and certain asset write-downs. The total net after-tax charge for the restructuring program is expected to be approximately $10.0 million. The restructuring program is expected to be completed by the end of the fourth quarter of fiscal 2015. Certain aspects of the restructuring program are subject to further analysis and determinations by local management and consultation and negotiation with various workers' councils. The net after-tax charge incurred in fiscal 2013 was $2.9 million. 2011 Actions 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 revised its forecast to $4.2 million primarily to reflect reduced severance costs. The total net after-tax charge was $2.8 million, with costs being fully incurred in 2012. As of December 31, 2013, the restructuring reserve was zero. 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, site clean-up and certain asset write-downs. Prior to 2013, the Company revised its forecast to $17.1 million primarily to reflect additional severance and legal costs. In 2013, the Company recorded additional severance costs of $0.7 million for total costs of $17.8 million. The 2010 restructuring program is substantially complete. As of December 31, 2013, the restructuring reserve was 2.3 million and related to severance costs. 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. Other Actions The Company also periodically initiates other actions which are not part of a major program. Total "Other Actions" pre-tax restructuring expense was $5.2 million, $3.5 million and $3.6 million in 2013, 2012 and 2011, respectively. In 2013, the Company initiated restructuring activities with respect to the Company's operating facilities in EMEA, which included the relocation and closure of a manufacturing facility in Italy and other relocation initiatives in Europe. In 2012, the Company initiated restructuring activities in North America and Europe which continued into 2013. The restructuring activities in the Americas included the relocation of certain production activities, which included the closure of a manufacturing site, severance and shutdown costs in North America. The restructuring activities included costs for severance, fixed asset impairment and shut-down costs. Additional expected pre-tax costs through 2015 are $0.4 million. 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 2013, 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 $0.2 million, $1.0 million and $1.2 million, respectively. A summary of the pre-tax cost by restructuring program is as follows:
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
|  | (in millions) |
Restructuring costs: |  |  |  |  |  |  |  |  |  |
2010 Actions |  | $ | 0.7 |  | $ | 0.6 |  | $ | 3.3 |
2011 Actions |  |  | — |  |  | 1.1 |  |  | 3.1 |
2013 Actions |  |  | 4.1 |  |  | — |  |  | — |
Other Actions |  |  | 5.2 |  |  | 3.5 |  |  | 3.6 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total restructuring charges |  |  | 10.0 |  |  | 5.2 |  |  | 10.0 |
Adjustment related to contingent liability reduction |  |  | (0.2 | ) |  | (1.0 | ) |  | (1.2 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: amount included in cost of goods sold |  |  | (1.1 | ) |  | — |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total restructuring and other charges, net |  | $ | 8.7 |  | $ | 4.2 |  | $ | 8.8 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The Company recorded pre-tax restructuring charges in its business segments as follows:
|  | Years Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
|  | (in millions) |
Americas |  | $ | 1.3 |  | $ | 1.3 |  | $ | 1.2 |
EMEA |  |  | 8.7 |  |  | 3.9 |  |  | 8.6 |
Asia Pacific |  |  | — |  |  | — |  |  | 0.2 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 10.0 |  | $ | 5.2 |  | $ | 10.0 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2013 Actions Details of the Company's 2013 European footprint program reserve, which for the year ended December 31, 2013 only relates to severance, is as follows:
|  | Year Ended December 31, 2013 |
--- | --- | --- | ---
|  | (in millions) |
Balance at December 31, 2012 |  | $ | — |
Net pre-tax restructuring charges |  |  | 4.1 |
Utilization and foreign currency impact |  |  | (2.1 | )
​ | ​ | ​ | ​ | ​
Balance at December 31, 2013 |  | $ | 2.0 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
The following table summarizes total expected, incurred and remaining pre-tax costs for 2013 European footprint program actions by type, and all attributable to the EMEA reportable segment:
|  | Severance |  | Legal and consultancy |  | Asset write-downs |  | Facility exit and other |  | Total |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | (in millions) |
Expected costs |  | $ | 12.3 |  | $ | 1.3 |  | $ | 0.2 |  | $ | 0.2 |  | $ | 14.0 |
Costs incurred—2013 |  |  | (4.1 | ) |  | — |  |  | — |  |  | — |  |  | (4.1 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Remaining costs at December 31, 2013 |  | $ | 8.2 |  | $ | 1.3 |  | $ | 0.2 |  | $ | 0.2 |  | $ | 9.9 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

X
- Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 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=27011515&loc=d3e140864-122747 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 Reference 3: 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=27011515&loc=d3e140904-122747 Reference 4: 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 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration