Restructuring and Impairment Charges

In 2012 and 2013, we implemented several initiatives to streamline our organization and rationalize our cost structure in order to better position the Company for profitable growth in the future, which resulted in severance charges. The goal of these activities was 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.

In the second quarter of 2013, as part of these activities, we reorganized certain business functions resulting in severance costs. We also made changes to our salaried and non-union defined benefit pension plans. Effective June 30, 2013 for salaried and non-union hourly employees in the U.S. and effective December 31, 2013 for union employees in the U.S., benefits under our defined benefit pension plans ceased to accrue. The freeze of the defined benefit pension plan for salaries and non-union hourly employees was approved by the Board of Directors on May 3, 2013. The freeze of the union employees' defined benefit pension plan was effective upon ratification of the labor agreement on April 14, 2013. Additionally, our union workforce in Connecticut ratified a current union contract, which resulted in the payout of the union ratification bonus.

In the third quarter of 2013, we incurred additional cost related to our reorganization of certain business functions resulting in severance costs.

The following table summarizes the restructuring and impairment charges related to these activities recorded in our operating results in the third quarter and first nine months of 2013. There were no restructuring and impairment charges in the third quarter and nine months ended September 30, 2014.



(Dollars in thousands)	Three Months Ended		Nine Months Ended
	September 30, 2013		September 30, 2013
Cost of Sales
Printed Circuit Materials
Union ratification bonus	—		179

High Performance Foams
Union ratification bonus	—		181

Power Electronics Solutions
Union ratification bonus	—		8
Total charges for Cost of Sales	$	—	$	368

Restructuring and Impairment

Printed Circuit Materials
Severance and other employee related costs (1)	93		802

High Performance Foams
Severance and other employee related costs (1)	94		1,345

Power Electronics Solutions
Severance and other employee related costs (1)	1,031		3,494

Other
Severance and other employee related costs (1)	13		115

Total charges for Restructuring and Impairment	$	1,231	$	5,756

(1) For the nine month periods ended September 30, 2013, this includes a pension curtailment charge of $1.5 million. See Note 8 - "Pension Benefit and Other Post Retirement Plans" for further information.