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SPECIAL CHARGES, NET
6 Months Ended
Jun. 29, 2013
SPECIAL CHARGES, NET  
SPECIAL CHARGES, NET

(5)                                 SPECIALCHARGES, NET

 

Special charges, net, for the three and six months ended June 29, 2013 and June 30, 2012 are summarized and

described in more detail below:

 

 

 

Three months ended

 

Six months ended

 

 

 

June 29,

 

June 30,

 

June 29,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

Flow Technology reportable segment

 

$

5.6

 

$

5.9

 

$

5.0

 

$

7.2

 

Thermal Equipment and Services reportable segment

 

11.1

 

2.2

 

11.6

 

2.4

 

Industrial Products and Services and Other

 

1.6

 

(0.1

)

1.6

 

 

Corporate

 

 

0.4

 

0.5

 

1.2

 

Total

 

$

18.3

 

$

8.4

 

$

18.7

 

$

10.8

 

 

Flow Technology reportable segment — Charges for the three and six months ended June 29, 2013 related primarily to severance costs associated with restructuring initiatives at Clyde Union locations in the U.K. and the U.S. These actions were taken to reduce the cost base of the business, as we continue to integrate Clyde Union into our Flow Technology reportable segment. Charges for the three and six months ended June 30, 2012 related primarily to costs associated with the initial integration of Clyde Union, costs related to the reorganization of the segment’s systems business, charges related to a cost reduction initiative at a location in Denmark and asset impairment charges of $0.3.

 

Thermal Equipment and Services reportable segment — Charges for the three and six months ended June 29, 2013 related primarily to severance costs associated with restructuring actions initiated during the second quarter of 2013 at our Balcke Duerr business in Germany. These actions were taken to reduce the cost base of the business due to reduced demand in Europe for nuclear power products and services. Charges for the three and six months ended June 30, 2012 related primarily to costs associated with restructuring initiatives at two locations in China, including asset impairment charges of $1.3, and severance costs associated with transferring certain functions of our boiler and heating products business to a location in Chicago, IL.

 

Industrial Products and Services and Other — Charges for the three and six months ended June 29, 2013 related primarily to costs associated with restructuring initiatives at various locations in the U.S. and Asia Pacific.

 

Corporate — Charges for the six months ended June 29, 2013 related to costs associated with the early termination of two building leases and an asset impairment charge of $0.3. Charges for the three and six months ended June 30, 2012 related primarily to costs associated with consolidating certain corporate functions, our legal entity reduction initiative, and an asset impairment charge of $0.2.

 

Expected charges still to be incurred under actions approved as of June 29, 2013 are less than $2.0.

 

The following is an analysis of our restructuring liabilities for the six months ended June 29, 2013 and June 30, 2012:

 

 

 

Six months ended

 

 

 

June 29,

 

June 30,

 

 

 

2013

 

2012

 

Balance at beginning of period

 

$

16.4

 

$

11.0

 

Special charges (1)

 

17.5

 

9.0

 

Utilization — cash

 

(11.2

)

(10.7

)

Currency translation adjustment and other

 

(0.1

)

 

Balance at end of period

 

$

22.6

 

$

9.3

 

 

 

(1)                                 The six months ended June 29, 2013 and June 30, 2012 exclude $1.2 and $1.8, respectively, of non-cash charges that did not impact the restructuring liabilities.