Note 4. Restructuring

6 Months Ended

Jul. 01, 2012

Restructuring and Related Activities Disclosure [Text Block]

4.  Restructuring

Restructuring costs incurred in the second quarter and first six months of 2012 amounted to a credit of $2.2 million.  Restructuring costs incurred in the second quarter and first six months of 2011 amounted to a credit of $0.6 million and expense of $3.4 million, respectively.  These costs primarily related to adjustments to estimated lease termination costs for EMEA Commercial branches that closed in prior years, and were reported as a component of SG&A expenses.  Total costs incurred since July 2008 for our restructuring efforts amounted to $44.2 million.

A summary of the balance sheet accrual related to the global restructuring costs follows (in millions of dollars):

Balance at beginning of year	$	4.5
Reductions for cash payments		(0.2	)
Balance at first quarter-end 2012		4.3
Amounts charged (credited) to operations		(2.2	)
Reductions for cash payments		(0.6	)
Balance at second quarter-end 2012	$	1.5

The remaining balance of $1.5 million as of the 2012 second quarter end represents primarily future lease payments and is expected to be paid by 2016.  On a quarterly basis, the Company reassesses the accrual associated with restructuring costs and adjusts it as necessary.