Subsequent Event

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Event [Text Block]

Subsequent Event

Stock Repurchases

Subsequent to September 30, 2014, we repurchased 80,500 shares of our common stock under the stock repurchase program authorized by the Board of Directors on February 7, 2014. The average price paid per share was $38.20.

Restructuring

On November 4, 2014, we announced projects to restructure our Electricity business and related general and administrative activities to improve operational efficiencies and reduce expenses. We expect to consolidate certain facilities and reduce our global workforce as a result of the restructuring plan. The improved structure will position us to meet our long-term profitability goals by better aligning global operations with markets where we can serve our customers profitably. We expect to substantially complete the plan by the end of 2016, with a significant number of activities to be completed by the end of 2015. We estimate pre-tax restructuring charges of $65 to $75 million with approximately 20% related to closing or consolidating facilities and non-manufacturing operations and approximately 80% associated with severance and other one-time termination benefits. We expect to record the majority of the charges in the fourth quarter of 2014. Of the total estimated charge, approximately 90% will result in cash expenditures. Many of our employees are represented by unions or works councils, which requires consultation, and potential restructuring projects may be subject to regulatory approval, both of which could impact the timing of planned savings in certain jurisdictions.