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Restructuring | 6 Months Ended
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Jun. 30, 2013
Restructuring [Abstract] |
Restructuring | 5. Restructuring During the second quarter of 2013, the Company completed consultations with employee works councils regarding a plan to restructure operations at the Company's Machine Clothing production facilities in Sélestat and St. Junien, France. The restructuring program was driven by the Company's need to balance manufacturing capacity and demand. The restructuring charges recorded primarily related to severance and social costs. Under the terms of the restructuring plan, the Company will also provide training, outplacement and other programs. The costs for those benefits will be recorded as restructuring in future quarters when they are incurred and are expected to total $6 to $8 million. The Company expects to record a pension curtailment gain the second half of 2013 related to this restructuring activity, but the amount has not yet been determined. Whereas most of the affected employees were involved in the production process, the full effect of cost savings associated with the restructuring, estimated to be $10 million per year, will not be fully realized until the second half of 2014. The effects of the cost reduction will principally affect cost of goods sold. Substantially all of the restructuring charges recorded in the second quarter of 2013 relate to the completion of these consultations, which will result in the reduction of approximately 200 employees, most of which will leave the Company during the third quarter of 2013. Whereas most of the affected employees were involved in the production process, the full effect of cost savings associated with the restructuring will not be fully realized until the second half of 2014. Through the first six months of 2013, the Company incurred some restructuring costs in the Engineered Composites segment that were related to organizational changes and exiting certain aerospace programs. The 2012 restructuring expense was principally due to a reduction in workforce in Sweden and curtailment of manufacturing in New York and Wisconsin which was related to the lower demand for paper machine clothing. Those costs were partially offset by a reduction in accruals related to the Company's headquarters. The following table summarizes charges reported in the Statements of Operations under "Restructuring and other":
|  | Three months ended June 30, |  | Six months ended June 30,
(in thousands) |  | 2013 |  | 2012 |  | 2013 |  | 2012
Machine Clothing |  | $24,230 |  |  | $2,903 |  |  | $24,423 |  |  | $3,576 |
Engineered Composites |  | 91 |  |  | - |  |  | 534 |  |  | - |
Unallocated expenses |  | - |  |  | 249 |  |  | - |  |  | (166 | )
Total |  | $24,321 |  |  | $3,152 |  |  | $24,957 |  |  | $3,410 |
Six months ended June 30, 2013 (in thousands) |  | Total restructuring costs incurred |  | Termination and other costs |  | Impairment of plant and equipment |  | Benefit plan curtailment/ settlement
Machine Clothing |  | $24,423 |  | $24,587 |  | $ - |  | ($164)
Engineered Composites |  | 534 |  | 446 |  | 88 |  | -
Unallocated expenses |  | - |  | - |  | - |  | -
Total |  | $24,957 |  | $25,033 |  | $88 |  | ($164)
Six months ended June 30, 2012 (in thousands) |  | Total restructuring costs incurred |  | Termination and other costs |  | Impairment of plant and equipment |  | Benefit plan curtailment/ settlement
Machine Clothing |  | $3,576 |  | $3,576 |  | $ - |  | $ -
Engineered Composites |  | - |  | - |  | - |  | -
Unallocated expenses |  | (166) |  | 380 |  | (546) |  | -
Total |  | $3,410 |  | $3,956 |  | ($546) |  | $ -
We expect that substantially all accruals for restructuring liabilities will be paid within one year. The table below presents year-to-date changes in restructuring liabilities for 2013 and 2012 all of which related to termination costs:
(in thousands) | December 31, 2012 | Restructuring charges accrued | Payments | Currency translation/ other | June 30, 2013
Total | $4,947 | $24,869 | ($2,576) | ($269) | $26,971
(in thousands) | December 31, 2011 | Restructuring charges accrued | Payments | Currency translation/ other | June 30, 2012
Total | $6,979 | $3,830 | ($2,778) | ($243) | $7,788

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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 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
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