Restructuring, Asset Impairments and Other, Net

3 Months Ended

Mar. 31, 2017

Restructuring Charges [Abstract]

Restructuring, Asset Impairments and Other, Net

Note 5: Restructuring, Asset Impairments and Other, Net

Summarized activity included in the “Restructuring, asset impairments and other, net” caption on the Company's Consolidated Statements of Operations and Comprehensive Income for the quarter ended March 31, 2017 is as follows (in millions):

	Restructuring			Asset Impairments		Other (1)		Total
Quarter ended March 31, 2017
Post-Fairchild acquisition restructuring costs	$	1.6		$	—	$	—	$	1.6
Manufacturing Relocation	(2.1		)	—		—		(2.1		)
Other (1)	0.1			—		0.9		1.0
Total	$	(0.4	)	$	—	$	0.9	$	0.5

(1) Includes amounts related to write-down of certain held for sale assets and other restructuring activity which is not considered to be significant.

Changes in accrued restructuring charges from December 31, 2016 to March 31, 2017 are summarized as follows (in millions):

	Balance as of December 31, 2016		Charges			Usage			Balance as of March 31, 2017
Estimated employee separation charges	$	8.1	$	(0.5	)	$	(4.9	)	$	2.7
Estimated costs to exit	—		0.1			—			0.1
Total	$	8.1	$	(0.4	)	$	(4.9	)	$	2.8

Activity related to the Company’s restructuring programs that were either initiated during 2017 or had not been completed as of March 31, 2017, is as follows:

Post Fairchild Acquisition Restructuring Costs

On September 19, 2016, following the acquisition of Fairchild, the Company approved the implementation of a cost-reduction plan, the first step of which was to eliminate approximately 130 positions from its workforce as a result of redundancies and position eliminations. During the quarter ended December 31, 2016, another 95 positions were eliminated. During the quarter ended March 31, 2017, another 25 positions were eliminated. The expense was $1.6 million for the quarter ended March 31, 2017. During the quarter ended March 31, 2017, $4.6 million was paid for all programs. Accrued severance for this program was $2.5 million as of March 31, 2017 and is expected to be paid by the third quarter of 2017. The total expense for program to date is $27.3 million. The Company will continue to evaluate the remaining positions for redundancies and may incur additional charges in the future.

Manufacturing Relocation

During March 2016, the Company announced a plan to relocate certain of its manufacturing operations to another existing location. During the quarter ended March 31, 2017, the Company made the decision to cancel the plans for relocation and announced all workforce would remain intact. As a result, the accrued balance of $2.1 million was released as of March 31, 2017.