XML 71 R24.htm IDEA: XBRL DOCUMENT v2.4.1.9
Restructuring
 12 Months Ended
Dec. 31, 2014
Restructuring and Related Activities [Abstract]  
Restructuring
Restructuring
Repositioning Actions
The Company recorded pre-tax restructuring charges of $18.9 million in 2014, which included $18.7 million of severance and other cash-related restructuring costs and $0.2 million of non-cash restructuring costs related to asset write-downs. The $18.7 million of severance and other cash-related restructuring costs included $4.6 million related to the consolidation of a facility in the U.K. in the Fluid Handling segment, $7.8 million primarily related to the consolidation of a facility in Europe in the Fluid Handling segment and $6.3 million associated with certain facility consolidation activities in the Aerospace & Electronics segment. These charges included severance and move costs related to the transfer of certain manufacturing operations. The Company expects these repositioning actions to result in workforce reductions of approximately 320 employees, or about 3% of the Company’s global workforce.
The following table summarizes the accrual balances related to these cash-related restructuring charges: 
(in thousands)
Balance at December 31, 2013
 
Expense
 
Utilization
 
Balance at December 31, 2014
Fluid Handling
 
 
 
 
 
 
 
Severance
$
—

 
$
12,192

 
$
(1,537
)
 
$
10,655

Other
—

 
232

 
(205
)
 
27

Total Fluid Handling
$
—

 
$
12,424

 
$
(1,742
)
 
$
10,682

 
 
 
 
 
 
 
 
Aerospace & Electronics
 
 
 
 
 
 
 
Severance
$
—

 
$
4,198

 
$
(2,296
)
 
$
1,902

Other
—

 
2,087

 
(1,572
)
 
515

Total Aerospace & Electronics
$
—

 
$
6,285

 
$
(3,868
)
 
$
2,417

Total Restructuring
$
—

 
$
18,709

 
$
(5,610
)
 
$
13,099

Related to the 2014 repositioning actions, the Company recorded $2.6 million and $1.2 million for additional costs incurred as a direct result of the facility consolidations within the Fluid Handling segment and Aerospace & Electronics segments, respectively.
The Company expects to incur additional restructuring and related charges of approximately $4 million to $6 million in 2015 to complete these actions.
Acquisition-Related Restructuring
In 2014, the Company recorded pre-tax restructuring charges of $10.3 million which included $10.2 million of severance and other cash-related restructuring costs and $0.1 million of non-cash restructuring costs related to asset write-downs related to the December 2013 acquisition of MEI in the Company's Payment & Merchandising Technologies segment. The Company expects these 2014 actions to result in workforce reductions of approximately 240 employees, or less than 2% of the Company’s global workforce.
The following table summarizes the accrual balances related to these cash-related restructuring charges: 
(in thousands)
Balance at December 31, 2013
 
Expense
 
Utilization
 
Balance at December 31, 2014
Payment & Merchandising Technologies
 
 
 
 
 
 
 
Severance
$
—

 
$
10,161

 
$
(3,154
)
 
$
7,007

Total Restructuring
$
—

 
$
10,161

 
$
(3,154
)
 
$
7,007

The Company expects to incur additional restructuring and related charges of $6 million to $8 million in 2015 to complete these actions.


2012 Actions
In 2012, the Company recorded pre-tax restructuring charges of $18.5 million, of which $16.5 million was associated with repositioning actions designed to improve profitability largely beginning in 2013, primarily in the European portion of the Fluid Handling segment and $2.0 million of non-cash charges were related to the completion of previous restructuring actions.  As of December 31, 2014, there were no liabilities related to these actions.