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SPECIAL CHARGES

9 Months Ended

Sep. 29, 2012

SPECIAL CHARGES

SPECIAL CHARGES

(5) SPECIAL CHARGES

Special charges, net, for the three and nine months ended September 29, 2012 and October 1, 2011 are summarized and described in more detail below:

		Three months ended						Nine months ended
		September 29,			October 1,			September 29,			October 1,
		2012			2011			2012			2011
Flow Technology reportable segment		$	5.5		$	5.6		$	12.7		$	9.4
Thermal Equipment and Services reportable segment		0.4			—			2.8			1.8
Industrial Products and Services		1.0			1.5			1.0			2.3
Corporate		0.2			0.1			1.4			0.3
Total		$	7.1		$	7.2		$	17.9		$	13.8

Flow Technology reportable segment — Charges for the three and nine months ended September 29, 2012 related primarily to cost reduction initiatives for the segment’s components business in Europe and at locations in Canada and Denmark, as well as costs associated with the relocation of the segment’s Americas shared service center from Des Plaines, IL to Charlotte, NC, the initial integration of Clyde Union, and the reorganization of the segment’s systems business. Charges for the three months ended October 1, 2011 related primarily to headcount reductions at facilities in Germany and China, and lease exit costs for a facility in Denmark. In addition, charges for the nine months ended October 1, 2011 included charges related to the integration of Anhydro and Gerstenberg (businesses acquired in 2010), the reorganization of the segment’s systems business, the transition of certain European back-office positions to the shared service center in Manchester, United Kingdom, and additional costs associated with restructuring activities initiated in 2010.

Thermal Equipment and Services reportable segment— Charges for the three and nine months ended September 29, 2012 related primarily to costs associated with restructuring initiatives at two locations in China, including asset impairment charges of $0.1 and $1.4, respectively, and severance costs associated with transferring certain functions of our boiler and heating products business to a location in Chicago, IL. Charges for the nine months ended October 1, 2011 related primarily to costs associated with headcount reductions at facilities in Germany and Italy and lease exit costs associated with two facilities in Germany.

Industrial Products and Services — Charges for the three and nine months ended September 29, 2012 related primarily to asset impairment charges of $0.7.  Charges for the three months ended October 1, 2011 related primarily to costs associated with headcount reductions at a facility in Raymond, ME.  In addition, charges for the nine months ended October 1, 2011 included an impairment charge of $0.8.

Corporate — Charges for the three and nine months ended September 29, 2012 related primarily to costs associated with consolidating certain corporate functions and our legal entity reduction initiative. Charges for the three and nine months ended October 1, 2011 related primarily to our legal entity reduction initiative.

The following is an analysis of our restructuring and integration liabilities for the nine months ended September 29, 2012 and October 1, 2011:

		Nine months ended
		September 29,			October 1,
		2012			2011
Beginning balance		$	11.0		$	17.6
Special charges (1)		14.9			13.0
Utilization — cash		(15.3		)	(17.5		)
Currency translation adjustment and other		0.1			0.5
Ending balance		$	10.7		$	13.6

(1) The nine months ended September 29, 2012 and October 1, 2011 exclude $3.0 and $0.8, respectively, of non-cash charges that did not impact the restructuring and integration related liabilities.

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The entire disclosure for aggregate costs incurred during the period for restructuring, remediation, implementation, integration and asset impairment activities. Description of restructuring activities such as exit and disposal activities, could 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. This would also include disclosure of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value.

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