Restructuring Costs

Project Renewal

In October 2011, the Company announced Project Renewal, a program designed to reduce the complexity of the organization and increase investment in growth platforms within the business. Project Renewal is designed to simplify and align the business around two key activities – Brand & Category Development and Market Execution & Delivery. In connection with the program, the Company eliminated its operating groups and consolidated its 13 global business units into five business segments. In addition, the Company is consolidating certain manufacturing facilities and distribution centers as part of the program, with the goal of increasing operational efficiency, reducing costs and improving gross margin. Cumulative pretax costs of Project Renewal are expected to be $340 to $375 million, of which $300 to $340 million are expected to be cash costs. Approximately 75% of the total cash costs are expected to be employee-related cash costs, including severance, retirement, and other termination benefits and costs. Project Renewal is expected to be complete by mid-2015.

The following table depicts the restructuring charges incurred in connection with Project Renewal (in millions):



	Three Months Ended June 30,				Six Months Ended June 30,				Since Inception Through
	2014		2013		2014		2013		June 30, 2014
Facility and other exit costs, including impairments	$	1.6	$	2.3	$	2.8	$	2.3	$	16.2
Employee severance, termination benefits and relocation costs	6.2		24.0		17.1		54.6		158.0
Exited contractual commitments and other	3.5		2.4		4.9		10.6		32.8
	$	11.3	$	28.7	$	24.8	$	67.5	$	207.0

Restructuring provisions were determined based on estimates prepared at the time the restructuring actions were approved by management and are periodically updated for changes. Restructuring amounts also include amounts recognized as incurred. The following table depicts the activity in accrued restructuring reserves for Project Renewal for the six months ended June 30, 2014 (in millions):



	December 31, 2013							June 30, 2014
	Balance		Provision		Costs Incurred			Balance
Facility and other exit costs, including impairments	$	—	$	2.8	$	(2.8	)	$	—
Employee severance, termination benefits and relocation costs	60.3		17.1		(42.1		)	35.3
Exited contractual commitments and other	7.1		4.9		(5.4		)	6.6
	$	67.4	$	24.8	$	(50.3	)	$	41.9

The following table depicts the activity in accrued restructuring reserves for Project Renewal for the six months ended June 30, 2014 aggregated by reportable business segment (in millions):



	December 31, 2013							June 30, 2014
Segment	Balance		Provision		Costs Incurred			Balance
Writing	$	25.8	$	1.8	$	(8.2	)	$	19.4
Home Solutions	0.7		1.0		(1.4		)	0.3
Tools	0.3		1.6		(0.9		)	1.0
Commercial Products	6.8		2.7		(3.8		)	5.7
Baby & Parenting	1.4		0.2		(0.1		)	1.5
Corporate	32.4		17.5		(35.9		)	14.0
	$	67.4	$	24.8	$	(50.3	)	$	41.9

The table below shows restructuring costs recognized for all restructuring activities in continuing operations for the periods indicated, aggregated by reportable business segment (in millions):



	Three Months Ended						Six Months Ended
	June 30,						June 30,
Segment	2014			2013			2014		2013
Writing	$	0.9		$	18.1		$	1.8	$	20.7
Home Solutions	0.6			(0.4		)	1.0		2.0
Tools	0.7			1.3			1.6		2.7
Commercial Products	(0.4		)	1.5			2.7		2.5
Baby & Parenting	(0.1		)	(0.3		)	0.2		—
Corporate⁽¹⁾	9.8			11.8			16.2		38.5
	$	11.5		$	32.0		$	23.5	$	66.4


(1)	Includes adjustments of $0.2 million and $(1.3) million for the three and six months ended June 30, 2014, respectively, and $3.3 million and $(1.1) million for the three and six months ended June 30, 2013, respectively, relating to previous restructuring projects that had the impact of increasing (decreasing) restructuring costs.

Cash paid for all restructuring activities was $18.7 million and $49.5 million for the three and six months ended June 30, 2014, respectively, and $22.6 million and $39.5 million for the three and six months ended June 30, 2013, respectively.