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Reserve for Severance

12 Months Ended

Dec. 31, 2011

Note 10 — Reserve for Severance

Severance costs are primarily related to management realignment and reorganization in the MRO segment. The table below reflects the activity in the Company’s reserve for severance and related payments.

		September 30,			September 30,			September 30,
	(Dollars in thousands) Year Ended December 31,
	2011			2010			2009

Beginning balance	$	3,062		$	4,086		$	6,012
Charged to earnings current year		1,614			3,629			6,228
Cash paid and exchange rate variance		(3,394	)		(4,653	)		(8,154	)

Ending balance	$	1,282		$	3,062		$	4,086

Accrued severance charges were included in the line items of the Consolidated Balance Sheets at December 31, 2011 and 2010 as follows:

		September 30,		September 30,
	(Dollars in thousands) December 31,
	2011		2010
Accrued severance included in:
Accrued expenses and other liabilities	$	1,187	$	2,229
Noncurrent other		95		833

Total accrued severance	$	1,282	$	3,062

The remaining benefits outstanding as of December 31, 2011 will be fully paid by the end of 2013.