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Restructuring and Business Realignment Charges
9 Months Ended
Sep. 30, 2013
Restructuring and Business Realignment Charges [Abstract]  
Restructuring and Business Realignment Charges

(8) Restructuring and Business Realignment Charges

 

On October 29, 2007, the Company announced restructuring initiatives to improve manufacturing efficiency and cost position by ceasing manufacturing operations at its Sarasota, Florida (Control Devices reportable segment) and Mitcheldean, United Kingdom (Electronics reportable segment) locations. During 2008 and 2009, in response to the depressed conditions in the North American and European commercial and automotive vehicle markets, the Company continued and expanded the restructuring initiatives in the Control Devices and Electronics reportable segments. While the initiatives were completed in 2009 in regards to the Control Devices reportable segment, in 2010 the Company continued restructuring initiatives within the Electronics reportable segment and recorded amounts related to its cancelled lease in Mitcheldean, United Kingdom. During the third quarter of 2012, the Company finalized a settlement agreement to modify the terms of and the obligation associated with the property consistent with previous estimates.

 

In connection with the Electronics segment restructuring initiative, the Company recorded lease related restructuring charges during the three months ended September 30, 2013 and 2012 of $116 and $90, respectively, as part of selling, general and administrative expense. For the nine months ended September 30, 2013 and 2012, the Company recorded $348 and $160, respectively, related to this restructuring initiative. At September 30, 2013 and December 31, 2012, the only remaining restructuring related accrual pertains to the cancelled property lease in Mitcheldean, United Kingdom, for which the Company has accrued $762 and $765, respectively, on the condensed consolidated balance sheets of which $417 and $419, respectively, is a component of other long-term liabilities.

 

In response to a change in customer demand, the PST segment incurred business realignment charges of $0 and $1,646 for the three and nine months ended September 30, 2012, respectively, of which $0 and $729, respectively, was recorded in cost of goods sold with the remainder recorded in selling, general and administrative expenses. The charges consisted primarily of severance costs related to workforce reductions. The PST segment had no business realignment charges during the three and nine months ended September 30, 2013.