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RESTRUCTURING | 9 Months Ended
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Sep. 30, 2013
RESTRUCTURING |
RESTRUCTURING | NOTE 18 — RESTRUCTURING During the third quarter of 2011, the Company conducted a review of its business strategies and product plans based on the outlook for the economy at large, the forecast for the industries it serves, and its business environment. The Company concluded that its manufacturing footprint and fixed cost base were too large and expensive for its medium-term needs and began restructuring its facility capacity and its management structure to consolidate and increase the efficiencies of its operations. The Company is executing a plan to reduce its facility footprint by approximately 40% through the sale and/or closure through the end of 2014 of facilities comprising a total of approximately 600,000 square feet. As part of this plan, in the third quarter of 2011, the Company determined that the Brandon Facility should be sold, and as a result the Company reclassified the Brandon Facility property and equipment to Assets Held for Sale and the related indebtedness to Liabilities Held for Sale. In April 2013 the Company completed the sale of the Brandon Facility, generating approximately $8,000 in net proceeds after closing costs and the repayment of the mortgage on the Brandon Facility. Including the sale of the Brandon Facility, the Company has so far closed or reduced its leased presence at six facilities and achieved a reduction of approximately 400,000 square feet. During 2013, the Company determined that its Clintonville, Wisconsin was no longer required in its operations and reclassified the property and equipment associated with this facility, as well as certain Gearing equipment, to Assets Held for Sale. The most significant remaining reduction relates to the anticipated closure and disposition of the Cicero Avenue Facility. The Company believes its remaining locations will be sufficient to support its Towers and Weldments, Gearing, Services and general corporate and administrative activities, while allowing for growth for the next several years. In the third quarter of 2012, the Company identified a $352 liability associated with the planned sale of the Cicero Avenue Facility. The liability is associated with environmental remediation costs that were identified while preparing the site for sale. The expenses associated with this liability have been recorded as a restructuring charge, and as of September 30, 2013 the accrual balance remaining is $242. Additional restructuring plans were approved in the fourth quarter of 2011. Including costs incurred to date, the Company expects that a total of approximately $13,300 of net costs will be incurred to implement this restructuring initiative. To date, the Company has incurred approximately $8,500, or 64% of the total expected restructuring costs. The Company’s restructuring charges generally include costs to close or exit facilities, costs to move equipment, the related costs of building infrastructure for moved equipment and employee related costs. Of the total projected costs, the Company anticipates that a total of approximately $5,400 will consist of non-cash charges. Restructuring costs incurred to date include $900 of involuntary terminations, $1,500 of accelerated depreciation of the Cicero Avenue Facility, as well as restructuring-related impairment charges of $288 related to the Clintonville Facility and $345 related to certain Gearing segment machinery and equipment. The table below details the Company’s total net restructuring charges incurred to date and the total net expected restructuring charges as of September 30, 2013:
|  | 2011 |  | 2012 |  | Q1 ‘13 |  | Q2 ‘13 |  | Q3 ‘13 |  | Total |  | Total |
|  | Actual |  | Actual |  | Actual |  | Actual |  | Actual |  | Incurred |  | Projected |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gearing |  | $ | 5 |  | $ | 2,072 |  | $ | 359 |  | $ | 817 |  | $ | 514 |  | $ | 3,767 |  | $ | 5,007 |
Corporate |  | — |  | 524 |  | 277 |  | — |  | — |  | 801 |  | 801 |
Total capital expenditures |  | 5 |  | 2,596 |  | 636 |  | 817 |  | 514 |  | 4,568 |  | 5,808 |
Cash expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gearing |  | 131 |  | 308 |  | 157 |  | 886 |  | 840 |  | 2,322 |  | 3,295 |
Services |  | — |  | 225 |  | 119 |  | 115 |  | — |  | 459 |  | 459 |
Total cost of sales |  | 131 |  | 533 |  | 276 |  | 1,001 |  | 840 |  | 2,781 |  | 3,754 |
Selling, general, and administrative expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Towers |  | — |  | 130 |  | 78 |  | 37 |  | 50 |  | 295 |  | 295 |
Gearing |  | 35 |  | 520 |  | 65 |  | 67 |  | 28 |  | 715 |  | 715 |
Services |  | — |  | 40 |  | — |  | — |  | — |  | 40 |  | 40 |
Corporate |  | 406 |  | 49 |  | 458 |  | 3 |  | 1 |  | 917 |  | 917 |
Total selling, general and administrative expenses |  | 441 |  | 739 |  | 601 |  | 107 |  | 79 |  | 1,967 |  | 1,967 |
Other - Towers and Weldments gain on Brandon Facility: |  | — |  | — |  | — |  | (3,586 | ) | 1 |  | (3,585 | ) | (3,585 | )
Non-cash expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Towers |  | — |  | — |  | 290 |  | — |  | — |  | 290 |  | 290 |
Gearing |  | 247 |  | 1,166 |  | 179 |  | 550 |  | 257 |  | 2,399 |  | 4,989 |
Services |  | — |  | 58 |  | (15 | ) | — |  | — |  | 43 |  | 43 |
Corporate |  | 50 |  | — |  | — |  | — |  | — |  | 50 |  | 50 |
Total non-cash expenses |  | 297 |  | 1,224 |  | 454 |  | 550 |  | 257 |  | 2,782 |  | 5,372 |
Grand total |  | $ | 874 |  | $ | 5,092 |  | $ | 1,967 |  | $ | (1,111 | ) | $ | 1,691 |  | $ | 8,513 |  | $ | 13,316 |

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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 Statement of Financial Accounting Standard (FAS) -Number 146 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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=6394695&loc=d3e140904-122747 Reference 3: 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=6394695&loc=d3e140864-122747 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 Reference 5: 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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