XML 110 R10.htm IDEA: XBRL DOCUMENT v2.4.1.9
Restructuring and Other Infrequent Expenses
12 Months Ended
Dec. 31, 2014
Restructuring and Other Infrequent Expenses [Abstract]  
Restructuring and Related Activities Disclosure
Restructuring and Other Infrequent Expenses

During the second half of 2014, the Company announced and initiated several actions to rationalize employee headcount at various manufacturing facilities located in Germany, France, Finland, Italy, China, Brazil, Argentina and the United States, as well as various administrative offices located in Europe, Brazil, China and the United States. The headcount reduction of over 1,500 employees was initiated in order to reduce costs in response to softening global market demand and reduced production volumes. The Company recorded restructuring and other infrequent expenses of approximately $46.4 million associated with these rationalizations, of which $44.4 million related to severance and other related costs. The Company paid approximately $19.0 million of severance and other related costs during 2014. The remaining $25.4 million of severance and other related costs accrued as of December 31, 2014 will be paid during 2015 and 2016. In addition, during 2014, the Company recorded a $1.2 million write-down of property, plant and equipment associated with the rationalization of certain manufacturing facilities. The impairment charge was based upon the estimated fair value of the assets compared to their carrying value. The Company also recorded approximately $0.8 million in net pension settlement and special termination benefit charges related to certain defined benefit plans as a result of the rationalizations in Finland and the United States.