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SPECIAL CHARGES, NET
6 Months Ended
Jun. 28, 2014
SPECIAL CHARGES, NET  
SPECIAL CHARGES, NET

(5)                                 SPECIAL CHARGES, NET

 

Special charges, net, for the three and six months ended June 28, 2014 and June 29, 2013 are described in more

detail below:

 

 

 

Three months ended

 

Six months ended

 

 

 

June 28,

 

June 29,

 

June 28,

 

June 29,

 

 

 

2014

 

2013

 

2014

 

2013

 

Flow Technology reportable segment

 

$

1.2

 

$

5.6

 

$

10.1

 

$

5.0

 

Thermal Equipment and Services reportable segment

 

1.4

 

11.1

 

1.5

 

11.6

 

Industrial Products and Services and Other

 

1.6

 

1.1

 

1.7

 

1.1

 

Corporate

 

0.3

 

 

0.9

 

0.5

 

Total

 

$

4.5

 

$

17.8

 

$

14.2

 

$

18.2

 

 

Flow Technology Reportable Segment — Charges for the three and six months ended June 28, 2014 related primarily to severance and other costs associated with restructuring initiatives at various Flow locations in Europe and the U.S. These actions were taken primarily to reduce the cost base of Clyde Union as we continue to integrate the business into our Flow Technology reportable segment. Charges for the three and six months ended June 29, 2013 related primarily to severance costs associated with restructuring initiatives at Clyde Union locations in the U.K. and the U.S.

 

Thermal Equipment and Services Reportable Segment — Charges for the three and six months ended June 28, 2014 related primarily to severance and other costs associated with (i) the closure of a facility in China and (ii) finalizing restructuring initiatives in Germany that commenced in 2013. Charges for the three and six months ended June 29, 2013 related primarily to severance costs associated with restructuring actions at our Balcke Duerr business in Germany.

 

Industrial Products and Services and Other — Charges for the three and six months ended June 28, 2014 and June 29, 2013 related primarily to costs associated with restructuring initiatives at various locations in the U.S.

 

Corporate — Charges for the three and six months ended June 28, 2014 related primarily to costs associated with our initial efforts to better align our corporate overhead structure with the new operational alignment we implemented in the second half of 2013. Charges for the six months ended June 29, 2013 related to costs associated with the early termination of two building leases and an asset impairment charge of $0.3.

 

Expected charges still to be incurred under actions approved as of June 28, 2014 are approximately $2.0.

 

The following is an analysis of our restructuring liabilities for the six months ended June 28, 2014 and June 29, 2013:

 

 

 

Six months ended

 

 

 

June 28,

 

June 29,

 

 

 

2014

 

2013

 

Balance at beginning of period

 

$

19.0

 

$

16.4

 

Special charges (1)

 

14.2

 

17.0

 

Utilization — cash (2)

 

(15.8

)

(10.8

)

Currency translation adjustment and other

 

0.5

 

(0.1

)

Balance at end of period

 

$

17.9

 

$

22.5

 

 

 

(1)                 The six months ended June 29, 2013 excluded $1.2 of non-cash charges that did not impact the restructuring liabilities.

 

(2)                 The six months ended June 28, 2014 included $0.1 of cash utilized to settle retained liabilities of discontinued operations.