Restructuring and Other Expense

9 Months Ended

Sep. 30, 2012

Restructuring and Related Activities [Abstract]

Restructuring and Other Expense

Restructuring and Other Expense

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

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In millions)	2012			2011		2012			2011
Restructuring
Severance and related	$	—		$	2.4	$	2.8		$	3.7
Lease termination costs	—			1.1		0.5			1.5
Other	0.1			0.8		1.2			1.2
Gain on sale of fixed assets held for sale	—			—		(0.7		)	—
Total restructuring	$	0.1		$	4.3	$	3.8		$	6.4
Other
Contingent consideration fair value adjustment	(5.5		)	—		(8.3		)	—
Intangible asset abandonment	—			—		1.3			—
Acquisition and integration related costs	0.1			0.3		1.3			1.5
Pension settlement	0.5			0.9		2.0			1.9
Asset disposals	—			—		—			7.0
Global process improvement consulting	1.0			—		1.0			—
Other	0.2			—		0.9			—
Total	$	(3.6	)	$	5.5	$	2.0		$	16.8

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 nine months ended September 30, 2012 we recorded restructuring charges of $0.1 million and $3.9 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 $0.8 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
Charges	—			—		0.1			0.1
Usage	(1.5		)	—		(0.1		)	(1.6		)
Currency impacts	—			—		—			—
Accrued balance at September 30, 2012	$	2.7		$	1.1	$	—		$	3.8

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 September 30, 2012 no additional costs were incurred related to this program. During the nine months ended September 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. This program is substantially complete and as of September 30, 2012 the remaining accrued balance is not material.

See Note 16 - Subsequent Event for discussion of the acceleration of our strategic transformation that was announced on October 24, 2012 which includes the Board of Directors approval of our 2012 global process improvement cost reduction program.