Restructuring Costs

3 Months Ended

Mar. 31, 2015

Restructuring and Related Activities [Abstract]

In the first quarter of 2015, we incurred costs for restructuring actions initiated in 2015 as well as costs involving restructuring actions initiated in the prior year. Our restructuring actions are associated with cost reduction efforts that include the consolidation of manufacturing and distribution facilities as well as workforce reductions.

Pretax restructuring costs incurred in each of our segments and the location of the costs in the Condensed Consolidated Statement of Income for the three months ended March 31, 2015 is as follows (in millions):



	Cost of goods sold		Selling & administrative expense		Total
Electrical Segment	$	1.9	$	0.1	$	2.0
Power Segment	0.7		—		0.7
Total	$	2.6	$	0.1	$	2.7

The following table summarizes the accrued liabilities for our restructuring actions (in millions):



	Beginning balance 1/1/15		Pretax Restructuring Costs		Utilization and Foreign Exchange			Ending Balance 3/31/15
Current Year Restructuring Actions
Severance	$	—	$	0.2	$	(0.2	)	$	—
Asset write-downs	—		0.8		(0.8		)	—
Facility closure and other costs	—		0.2		(0.2		)	—
Total Current Year Restructuring Actions	$	—	$	1.2	$	(1.2	)	$	—
Prior Year Restructuring Actions
Severance	$	2.8	$	0.1	$	(1.0	)	$	1.9
Asset write-downs	—		—		—			—
Facility closure and other costs	0.9		1.4		(1.2		)	1.1
Total Prior Year Restructuring Actions	$	3.7	$	1.5	$	(2.2	)	$	3.0
Total Restructuring Actions	$	3.7	$	2.7	$	(3.4	)	$	3.0

The expected, incurred and remaining costs for our restructuring actions is as follows (in millions):



	Expected Costs		Costs incurred in 2014		Costs incurred in 2015		Remaining costs at 3/31/15
Current Year Restructuring Actions
Electrical Segment	$	1.0	$	—	$	0.5	$	0.5
Power Segment	0.7		—		0.7		—
Total Current Year Restructuring Actions	1.7		—		1.2		0.5
Prior Year Restructuring Actions
Electrical Segment	10.1		5.5		1.5		3.1
Power Segment	—		—		—		—
Total Prior Year Restructuring Actions	10.1		5.5		1.5		3.1
Total Restructuring Actions	$	11.8	$	5.5	$	2.7	$	3.6

- 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+ Details