Restructuring and Impairment Charges

In the first quarter of 2012, we began several initiatives to streamline our organization and rationalize our cost structure in order to better position the Company for profitable growth in the future. The goal of these initiatives is to become a more streamlined organization both from an organizational and cost perspective, with efficient manufacturing capabilities that are focused on meeting our customers' needs. These initiatives were as follows:

•Implemented an early retirement program for certain eligible employees;


•	Realigned our organizational structure by consolidating a number of senior executive positions, reorganizing certain business functions and redeploying resources across the Company;


•	Exited the Thermal Management Solutions business; and


•	Initiated a plan to shut down the Power Distribution Systems startup operation in North America, which was completed in the third quarter of 2012.

There were no additional restructuring or impairment activities in the first quarter of 2013.

The following table summarizes the restructuring and impairment charges related to these activities recorded in our operating results for the three months ended March 31, 2012.



(Dollars in thousands)	Three Months Ended
	March 31, 2012
Restructuring and Impairment

High Performance Foams
Fixed asset impairment for Bisco and Poron asset disposal	$	79
Severance and related costs (1)	2,297

Power Distribution Systems
Severance and related costs (1)	462

Printed Circuit Materials
Severance and related costs (1)	3,207

Curamik Electronics Solutions
Severance and related costs (1)	668

Other
License agreement expense	356
Severance and related costs (1)	280
Total charges for Restructuring and Impairment	$	7,349

(1) For the three month period ended March 31, 2012, this includes an estimated $2.3 million charge related to the early retirement program.

The following table summarizes charges in the severance accrual from December 31, 2012 through March 31, 2013:



(Dollars in thousands)	Streamlining and restructuring related activities			Curamik finishing operations relocation to Hungary			Total
Balance at December 31, 2012	$	1,447		$	3,774		$	5,221
Provisions	—			—			—
Payments	(981		)	(755		)	(1,736		)
Balance at March 31, 2013	$	466		$	3,019		$	3,485