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Rationalizations (Tables)

9 Months Ended

Sep. 30, 2014

Restructuring and Related Activities [Abstract]

Rationalization Charges

Charges incurred related to the 2013 rationalization initiatives for the three and nine months ended September 30, 2014 are as follows:

	For the Three Months Ended September 30, 2014												For the Nine Months Ended September 30, 2014
	Industrial Materials Segment				Engineered Solutions Segment				Total				Industrial Materials Segment				Engineered Solutions Segment				Total
	(Dollars in thousands)												(Dollars in thousands)
Accelerated depreciation     (recorded in Cost of sales)	$	838			$	—			$	838			$	21,690			$	826			$	22,516
Other (recorded in Cost     of sales)	1,618				6				1,624				6,194				622				6,816
Other (recorded in Selling     and administrative)	21				—				21				99				—				99
Severance and related costs     (recorded in Rationalizations)	(52		)		—				(52		)		366				(28		)		338
Contract terminations (recorded in Rationalizations)	81				—				81				609				—				609
Total 2013 rationalization plan     and related charges	$	2,506			$	6			$	2,512			$	28,958			$	1,420			$	30,378

Charges incurred related to the 2014 Corporate and Research & Development rationalization initiatives for the three and nine months ended September 30, 2014 are as follows:

	For the Three and Nine  Months Ended September 30, 2014
	(dollars in thousands)
Accelerated depreciation (recorded in Cost of sales)	$	5
Accelerated depreciation (recorded in Overhead)	89
Severance and related costs (recorded in Rationalizations)	8,130
Contract terminations (recorded in Rationalizations)	74
Total 2014 corporate rationalization         and related charges	$	8,298

Charges incurred related to the 2014 Engineered Solutions rationalization initiatives for the three and nine months ended September 30, 2014 are as follows:

	For the Three  Months Ended September 30, 2014				For the Nine Months Ended September 30, 2014
	(dollars in thousands)
Accelerated depreciation (recorded in Cost of sales)	$	2,802			$	2,802
Other (recorded in Cost of sales)	2,780				13,341
Severance and related charges (recorded in Rationalizations)	2,537				2,537
Contract terminations (recorded in Rationalizations)	74				74
Impairments (recorded in Impairments)	—				121,570
Total 2014 Engineered Solutions rationalization         and related charges	$	8,193			$	140,324

Schedule of Restructuring Reserve

This liability is recorded as a current liability on the Consolidated Balance Sheet.

	(Dollars in thousands)
Balance as of December 31, 2013	$	18,421
Charges incurred	693
Change in estimates	254
Payments and settlements	(16,053		)
Effect of change in currency exchange rates	(997		)
Balance as of September 30, 2014	$	2,318

The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the 2014 Engineered Solutions rationalization initiatives described above. This liability is recorded as a current liability on the Consolidated Balance Sheet.

	(Dollars in thousands)
Balance as of December 31, 2013	$	—
Charges incurred	2,611
Change in estimates	—
Payments and settlements	(386		)
Effect of change in currency exchange rates	—
Balance as of September 30, 2014	$	2,225

This liability is recorded as a current liability on the Consolidated Balance Sheet.

	(Dollars in thousands)
Balance as of December 31, 2013	$	—
Charges incurred	8,204
Change in estimates	—
Payments and settlements	—
Effect of change in currency exchange rates	—
Balance as of September 30, 2014	$	8,204

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Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

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Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 420

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