Restructuring and Other Expense

6 Months Ended

Jun. 30, 2012

Restructuring and Related Activities [Abstract]

The components of our restructuring and other expense included in the Condensed Consolidated Statements of Operations were as follows:



	Three Months Ended					Six Months Ended
	June 30,					June 30,
(In millions)	2012			2011		2012			2011
Restructuring
Severance and related	$	2.4		$	0.7	$	2.8		$	1.3
Lease termination costs	0.5			0.2		0.5			0.4
Other	0.2			0.3		1.1			0.4
Gain on sale of fixed assets held for sale	—			—		(0.7		)	—
Total restructuring	$	3.1		$	1.2	$	3.7		$	2.1
Other
Contingent consideration fair value adjustment	(2.8		)	—		(2.8		)	—
Intangible asset abandonment	1.3			—		1.3			—
Acquisition and integration related costs	0.8			1.2		1.2			1.2
Pension settlement	1.5			1.0		1.5			1.0
Asset disposals	—			7.0		—			7.0
Other	0.4			—		0.7			—
Total	$	4.3		$	10.4	$	5.6		$	11.3

2011 Corporate Strategy Restructuring Program

On January 31, 2011, the Board of Directors approved the 2011 corporate strategy restructuring program which is described in detail in our Annual Report on Form 10-K for the year ended December 31, 2011. During the three and six months ended June 30, 2012 we recorded restructuring charges of $3.1 million and 3.8 million, respectively, associated with this program. These charges were primarily associated with severance and, to a lesser extent, lease termination and other costs and were included in restructuring and other in our Condensed Consolidated Statements of Operations. Since the inception of this program, we have recorded a total of $13.2 million of severance and related expenses, $3.5 million of lease termination and modification costs, $1.6 million of inventory write-offs, $0.3 million related to a pension curtailment charge and $0.7 million of other charges. Inventory write-offs are included in cost of goods sold in our Condensed Consolidated Statements of Operations.

Changes in the 2011 corporate strategy restructuring program accruals were as follows:



(In millions)	Severance and Related			Lease Termination Costs		Other			Total
Accrued balance at December 31, 2011	$	4.6		$	0.6	$	—		$	5.2
Charges	0.4			—		0.3			0.7
Usage	(1.8		)	—		(0.3		)	(2.1		)
Currency impacts	0.1			—		—			0.1
Accrued balance at March 31, 2012	$	3.3		$	0.6	$	—		$	3.9
Charges	2.4			0.5		0.2			3.1
Usage	(1.4		)	—		(0.2		)	(1.6		)
Currency impacts	(0.1		)	—		—			(0.1		)
Accrued balance at June 30, 2012	$	4.2		$	1.1	$	—		$	5.3

2011 Manufacturing Redesign Restructuring Program

On January 13, 2011, the Board of Directors approved the 2011 manufacturing redesign restructuring program which is described in detail in our Annual Report on Form 10-K for the year ended December 31, 2011. During the three months ended June 30, 2012 no additional costs were incurred related to this program. During the six months ended June 30, 2012 we recorded a gain on the sale of assets from the Weatherford facility of $0.7 million and $0.6 million of other charges. These costs were included in restructuring and other in our Condensed Consolidated Statements of Operations.

- 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.

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