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Rationalizations (Tables) | 12 Months Ended
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Dec. 31, 2014
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring and Related Costs | Charges incurred related to the 2014 Engineered Solutions rationalization initiatives in 2014 are as follows:
| For the Year Ended December 31, 2014
Accelerated depreciation (recorded in Cost of sales) | $ | 2,802 |
Inventory losses (recorded in Cost of sales) | 13,225 |
Fixed asset write-offs and other (recorded in Cost of sales) | 1,046 |
Severance and related charges (recorded in Rationalizations) | 2,498 |
Contract terminations and other (recorded in Rationalizations) | 195 |
Impairments (recorded in Impairments) | 121,570 |
Total Engineered Solutions rationalization and related charges | $ | 141,336 |
Throughout 2013 and 2014 the Company undertook rationalization plans in order to streamline our organization and lower our production costs. The following tables summarize the total rationalization and related charges incurred during 2013 and 2014 followed by the details of each plan.
| For the Year Ended December 31, 2013 |
| Industrial Materials Segment |  | Engineered Solutions Segment |  | Corporate, R&D and Other |  | Total |
| (Dollars in thousands) |
Accelerated depreciation (recorded in Cost of sales) | $ | 28,326 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,326 |  |
Inventory loss (recorded in Cost of sales) | 7,886 |  |  | 896 |  |  | — |  |  | 8,782 |  |
Fixed asset write-offs and other(recorded in Cost of sales) | 6,104 |  |  | 2,274 |  |  | — |  |  | 8,378 |  |
Other (recorded in Selling and administrative) | 59 |  |  | — |  |  | — |  |  | 59 |  |
Severance and related costs (recorded in Rationalizations) | 17,072 |  |  | 458 |  |  | 1,816 |  |  | 19,346 |  |
Contract terminations (recorded in Rationalizations) | 810 |  |  | — |  |  | — |  |  | 810 |  |
Total 2013 rationalization and related charges | $ | 60,257 |  |  | $ | 3,628 |  |  | $ | 1,816 |  |  | $ | 65,701 |  |
| For the Year Ended December 31, 2014
| Industrial Materials Segment |  | Engineered Solutions Segment |  | Corporate, R&D and Other |  | Total
| (Dollars in thousands)
Accelerated depreciation (recorded in Cost of sales) | $ | 22,388 |  |  | $ | 3,649 |  |  | $ | — |  |  | $ | 26,037 |
Inventory loss (recorded in Cost of sales) | 961 |  |  | 13,711 |  |  | — |  |  | 14,672 |
Fixed asset write-offs and other(recorded in Cost of sales) | 5,552 |  |  | 1,278 |  |  | — |  |  | 6,830 |
Accelerated depreciation (recorded in Research and development) | — |  |  | — |  |  | 2,312 |  |  | 2,312 |
Accelerated depreciation (recorded in Selling and administrative) | — |  |  | — |  |  | 608 |  |  | 608 |
Other (recorded in Selling and administrative) | 89 |  |  | 121 |  |  | 515 |  |  | 725 |
Severance and related costs (recorded in Rationalizations) | 5,040 |  |  | 3,113 |  |  | 2,845 |  |  | 10,998 |
Contract terminations (recorded in Rationalizations) | 469 |  |  | 146 |  |  | 11 |  |  | 626 |
Impairment of long-lived assets |  |  | 121,570 |  |  | — |  |  | 121,570 |
Total 2014 rationalization and related charges | $ | 34,499 |  |  | $ | 143,588 |  |  | $ | 6,291 |  |  | $ | 184,378 |
Charges incurred related to the 2014 Corporate and Research & Development rationalization initiatives for 2014 are as follows:
| For the Year Ended December 31, 2014
| (dollars in thousands)
Accelerated depreciation (recorded in Cost of sales) | $ | 20 |
Fixed asset write offs (recorded in Cost of sales) | 178 |
Accelerated depreciation (recorded in R&D) | 2,312 |
Accelerated depreciation (recorded in Selling and administrative) | 608 |
Other charges (recorded in Selling and administrative) | 515 |
Severance and related costs (recorded in Rationalizations) | 8,096 |
Contract terminations (recorded in Rationalizations) | 84 |
Total 2014 corporate rationalization and related charges | $ | 11,813 |
Charges incurred related to the 2013 rationalization initiatives for the twelve months ended December 31, 2013 and December 31, 2014 are as follows:
| For the Year Ended December 31, 2013
| Industrial Materials Segment |  | Engineered Solutions Segment |  | Corporate, R&D and Other |  | Total
| (Dollars in thousands)
Accelerated depreciation (recorded in Cost of sales) | $ | 28,326 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,326 |
Inventory loss (recorded in Cost of sales) | 7,886 |  |  | 896 |  |  | — |  |  | 8,782 |
Fixed asset write-offs and other(recorded in Cost of sales) | 6,104 |  |  | 2,274 |  |  | — |  |  | 8,378 |
Other (recorded in Selling and administrative) | 59 |  |  | — |  |  | — |  |  | 59 |
Severance and related costs (recorded in Rationalizations) | 17,072 |  |  | 458 |  |  | 1,816 |  |  | 19,346 |
Contract terminations (recorded in Rationalizations) | 810 |  |  | — |  |  | — |  |  | 810 |
Total 2013 rationalization plan and related charges | $ | 60,257 |  |  | $ | 3,628 |  |  | $ | 1,816 |  |  | $ | 65,701 |
| For the Year Ended December 31, 2014
| Industrial Materials Segment |  | Engineered Solutions Segment |  | Corporate, R&D and Other |  | Total
| (Dollars in thousands)
Accelerated depreciation (recorded in Cost of sales) | $ | 22,388 |  |  | $ | 827 |  |  | $ | — |  |  | $ | 23,215 |
Inventory loss (recorded in Cost of sales) | 961 |  |  | 485 |  |  | — |  |  | 1,446 |
Fixed asset write-offs and other(recorded in Cost of sales) | 5,374 |  |  | 233 |  |  | — |  |  | 5,607 |
Other (recorded in Selling and administrative) | 89 |  |  | — |  |  | — |  |  | 89 |
Severance and related costs (recorded in Rationalizations) | 433 |  |  | (28 | ) |  | — |  |  | 405 |
Contract terminations (recorded in Rationalizations) | 469 |  |  | — |  |  | — |  |  | 469 |
Total 2014 rationalization plan and related charges | $ | 29,714 |  |  | $ | 1,517 |  |  | $ | — |  |  | $ | 31,231 |
Schedule of Restructuring Reserve by Type of Cost | The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the the 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, 2012 | $ | — |
Charges incurred | 16,159 |
Change in estimates | 3,997 |
Payments and settlements | (1,506 | )
Effect of change in currency exchange rates | (229 | )
Balance as of December 31, 2013 | 18,421 |
Charges incurred | 613 |
Change in estimates | 153 |
Payments and settlements | (16,494 | )
Effect of change in currency exchange rates | (1,658 | )
Balance as of December 31, 2014 | $ | 1,035 |
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 Corporate and Research & Development 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 | 8,159 |
Change in estimates | 21 |
Payments and settlements | (1,155 | )
Effect of change in currency exchange rates | (152 | )
Balance as of December 31, 2014 | $ | 6,873 |
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 | (40 | )
Payments and settlements | (916 | )
Effect of change in currency exchange rates | — |
Balance as of December 31, 2014 | $ | 1,655 |

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- Definition 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. + 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 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 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 + Details
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- Definition 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 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 2: 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(b)(2)) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747 + Details
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