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Restructuring and Other Charges, Net | 9 Months Ended
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Sep. 28, 2014
Restructuring and Other Charges, Net |
Restructuring and Other Charges, Net | 5. 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, 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 $10.4 million, all of which is expected to be recorded through the end of fiscal 2014. In the third quarter of 2014, the estimated cost of a planned action within the 2013 restructuring program was reduced, resulting in a decrease of the total expected pretax cost from $14.7 million to $10.4 million. The change is expected to result primarily in reduced severance costs. 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 $7.3 million. The restructuring program is expected to be completed by the end of the fourth quarter of fiscal 2014. The net after-tax charges incurred in the third quarter and first nine months of 2014 were $0.3 million and $2.0 million, respectively. Other Actions The Company also periodically initiates other actions which are not part of a major program. In 2013 and 2014, the Company initiated restructuring activities in EMEA to relocate certain manufacturing activities and in EMEA and the Americas to reduce costs through reductions-in-force. There are no remaining expected costs relating to these actions. A summary of the pre-tax cost by restructuring program is as follows:
|  | Third Quarter Ended |  | Nine Months Ended |
|  | September 28, 2014 |  | September 29, 2013 |  | September 28, 2014 |  | September 29, 2013 |
|  | (in millions) |
Restructuring costs: |  |  |  |  |  |  |  |  |
2013 Actions |  | $ | 0.4 |  | $ | — |  | $ | 2.9 |  | $ | — |
Other Actions |  | — |  | 2.8 |  | 4.3 |  | 7.0 |
Total restructuring and other charges, net |  | $ | 0.4 |  | $ | 2.8 |  | $ | 7.2 |  | $ | 7.0 |
The Company recorded pre-tax restructuring charges, in its business segments as follows:
|  | Third Quarter Ended |  | Nine Months Ended |
|  | September 28, 2014 |  | September 29, 2013 |  | September 28, 2014 |  | September 29, 2013 |
|  | (in millions) |
Americas |  | $ | — |  | $ | — |  | $ | 2.3 |  | $ | 0.3 |
EMEA |  | 0.4 |  | 2.8 |  | 4.1 |  | 6.7 |
Corporate |  | — |  | — |  | 0.8 |  | — |
Total |  | $ | 0.4 |  | $ | 2.8 |  | $ | 7.2 |  | $ | 7.0 |
Details of the Company’s 2013 European restructuring program reserve, which for the nine months ended September 28, 2014 relates only to severance, is as follows:
|  | Nine Months Ended |
|  | September 28, 2014 |
|  | (in millions) |
Balance at December 31, 2013 |  | $ | 2.0 |
Net pre-tax restructuring charges |  | 0.4 |
Utilization and foreign currency impact |  | (0.3 | )
Balance at March 30, 2014 |  | $ | 2.1 |
Net pre-tax restructuring charges |  | 2.1 |
Utilization and foreign currency impact |  | (1.4 | )
Balance at June 29, 2014 |  | $ | 2.8 |
Net pre-tax restructuring charges |  | 0.4 |
Utilization and foreign currency impact |  | (0.9 | )
Balance at September 28, 2014 |  | $ | 2.3 |
The following table summarizes total expected, incurred and remaining pre-tax costs for the 2013 European restructuring 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 |  | $ | 7.5 |  | $ | 0.1 |  | $ | 1.7 |  | $ | 1.1 |  | $ | 10.4 |
Costs incurred—2013 |  | (4.1 | ) | — |  | — |  | — |  | (4.1 | )
Costs incurred—first quarter 2014 |  | (0.1 | ) | — |  | (0.2 | ) | (0.1 | ) | (0.4 | )
Costs incurred—second quarter 2014 |  | (2.0 | ) | (0.1 | ) | — |  | — |  | (2.1 | )
Costs incurred—third quarter 2014 |  | (0.4 | ) | — |  | — |  | — |  | (0.4 | )
Remaining costs at September 28, 2014 |  | $ | 0.9 |  | $ | — |  | $ | 1.5 |  | $ | 1.0 |  | $ | 3.4 |

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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 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 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 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=27011515&loc=d3e140904-122747 + Details
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