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Charges Related to Restructuring Activities

9 Months Ended

Sep. 30, 2015

Restructuring and Related Activities [Abstract]

Charges Related to Restructuring Activities

NOTE O – CHARGES RELATED TO RESTRUCTURING ACTIVITIES

During 2015, the Company reconfigured one of its operations within its Asia Pacific segment by reducing its workforce and manufacturing facilities while outsourcing its production predominantly to its locations with lower cost operations. This was done in response to a slowdown in economic activity in the region as well as continued downward market pressure on prices. We expect total costs related to this reconfiguration to be approximately $2.7 million. Additionally, the Company initiated reconfiguration in The Americas segment which will be primarily a reduction in personnel and facilities in response to downward market pressure on prices. The total charges for The Americas segment are anticipated to be less than $1 million. Both of these actions are expected to reduce infrastructure and manufacturing costs.

Charges for the three months ended September 30, 2015 totaled $2.1 million including charges for severance ($.7 million), lease termination costs ($1.2 million) and asset disposals ($.2 million) principally in the Company’s Asia-Pacific segment ($1.9 million). Severance charges included $.2 million for The Americas segment. The difference between the anticipated total charges and recognized cost for the three months ended September 30, 2015 for The Americas segment will be recorded when facilities are vacated and as certain employees’ services cease. The Company plans to transfer production activities to its PLP-USA segment over the next six months. The costs recorded for the three months ended September 30, 2015 are included in Cost of products sold ($1.8 million), Research and engineering expense ($.1 million) and Other operating expense ($.2 million).

Charges for the nine months ended September 30, 20 15 totaled $2.7 million including charges for severance ($1.3 million), lease termination costs ($1.2 million) and asset disposals ($.2 million) principally in The Asia-Pacific segment ($2.5 million). Severance charges included $.2 million for the Company’s Americas segment. These costs are included in Cost of products sold ($2.4 million), Research and engineering expense ($.1 million) and Other operating expense ($.2 million).

The restructuring liability is recorded in Accrued compensation and amounts withheld from employees, Accrued expenses and other liabilities and Other noncurrent liabilities.

A summary by reporting segment of the accruals recorded as a result of the restructuring is as follows:

		Severance				Lease Termination Costs				Asset Disposals				Total
December 31, 2014 Balance
Total		$	0			$	0			$	0			$	0
Charges
The Americas		$	173			$	0			$	0			$	173
Asia-Pacific			1,097				1,195				185				2,477
Total			1,270				1,195				185				2,650
Payments and other adjustments
The Americas			0				0				0				0
Asia-Pacific			(1,097	)			(410	)			(185	)			(1,692	)
Total			(1,097	)			(410	)			(185	)			(1,692	)
September 30, 2015 Balance
The Americas			173				0				0				173
Asia-Pacific			0				785				0				785
Total		$	173			$	785			$	0			$	958

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- References

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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 2



-Subparagraph (SAB TOPIC 5.P.4)



-URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747



Reference 2: 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 3: 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



Reference 4: http://www.xbrl.org/2003/role/presentationRef



-Publisher SEC



-Name Staff Accounting Bulletin (SAB)



-Number Topic 5



-Section P



-Subsection 3, 4

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