Note 4: Restructuring

In 2008, 2009 and 2010, the Company announced restructuring plans designed to address (i) rationalization of the Company's manufacturing footprint, (ii) slowing global economic growth and the resulting deterioration in the Company's end markets, (iii) integration of CompAir Holdings Limited ("CompAir") into its existing operations and (iv) additional cost reductions and margin improvement initiatives. These plans included the closure and consolidation of manufacturing facilities in Europe and the U.S., and various voluntary and involuntary employee termination and relocation programs. Execution of these plans was substantively completed during 2010. The Company recorded additional charges during 2011 in connection with the continued rationalization of facilities and other cost reduction initiatives. Charges recorded in connection with these plans, in accordance with FASB ASC 420, Exit or Disposal Cost Obligations and FASB ASC 712, Compensation-Nonretirement Postemployment Benefits, are included in "Other operating expense, net" in the Consolidated Statements of Operations, and are summarized for the fiscal years ended December 31 by reportable segment as follows:


	Industrial Products Group		Engineered Products Group			Total
2009	$	25,791		20,335			46,126
2010		3,687		(1,491	)		2,196
2011		6,621		1,963			8,584
Total	$	36,099		20,807			56,906

In 2009, 2010 and 2011, the Company recorded charges totaling approximately $8.7 million in connection with the consolidation of certain U.S. operations, the cost of which has been fully funded by a state grant. If the Company does not maintain certain employment and payroll levels specified in the grant over a ten-year period, it will be obligated to return a portion of the grant to the state on a pro-rata basis. Any such amounts that may be returned to the state will be charged to operating income when identified. The Company currently expects to meet the required employment and payroll levels.

In connection with the acquisition of CompAir, the Company has implemented plans identified at or prior to the acquisition date to close and consolidate certain former CompAir functions and facilities, primarily in North America and Europe. These plans included various voluntary and involuntary employee termination and relocation programs affecting both salaried and hourly employees and exit costs associated with the sale, lease termination or sublease of certain manufacturing and administrative facilities. The terminations, relocations and facility exits were substantively completed during 2009. A liability of $8.9 million was included in the allocation of the CompAir purchase price for the estimated cost of these actions at the CompAir acquisition date of October 20, 2008. This liability was increased by $2.1 million in 2009 to reflect the finalization of certain of these plans.

The following table summarizes the activity in the restructuring accrual accounts.


	Termination Benefits			Other			Total
Balance at December 31, 2008	$	13,634			2,365			15,999
Charged to expense		40,134			5,992			46,126
Acquisition purchase price allocation		1,556			584			2,140
Paid		(40,711	)		(5,526	)		(46,237	)
Other, net (primarily foreign currency translation)		2,712			240			2,952
Balance at December 31, 2009	$	17,325			3,655			20,980
Charged to expense		711			1,485			2,196
Paid		(10,246	)		(3,627	)		(13,873	)
Other, net (primarily foreign currency translation)		(3,197	)		(63	)		(3,260	)
Balance at December 31, 2010	$	4,593			1,450			6,043
Charged to expense		6,272			2,312			8,584
Paid		(7,710	)		(2,684	)		(10,394	)
Other, net (primarily foreign currency translation)		33			216			249
Balance at December 31, 2011	$	3,188			1,294			4,482