Note 3. Restructuring

The Company initiated restructuring plans in 2010 and prior years due to the decline in demand for its products associated with the global economic crisis and to improve the Company’s operating margins. Execution of these plans was substantially completed during 2010. In 2011, the Company recorded approximately $8.6 million in charges associated with further streamlining of manufacturing operations and overhead cost reduction, primarily related to facility consolidations in Europe and related headcount reductions. In addition, the 2011 charges included costs associated with the establishment of a centralized European shared service center in the Czech Republic. The Company expects to substantially complete all of the restructuring actions commenced in 2011 during 2012.

During the three-month period ended March 31, 2012, the Company developed and approved restructuring plans designed to improve productivity and operating margins by reducing global headcount. These restructuring actions are primarily focused on the European and North American operations included in the Industrial Products Group reportable segment. The Company recorded charges of approximately $14.4 million in the three-month period ended March 31, 2012 related to these plans. During the three-month period ended June 30, 2012, the Company continued to execute the specific steps contemplated by the first quarter plans as well as develop additional plans to reduce headcount and consolidate operating facilities globally. The Company recorded a net reversal of restructuring charges for the three-month period ended June 30, 2012 of approximately $70. This amount was composed of new charges related to existing restructuring plans of approximately $1.0 million, which were offset by lower than anticipated severance costs related to the first quarter plans. The Company expects to complete the specific steps contemplated by the 2012 plans by the end of 2012.

Charges recorded in connection with these plans are included in “Other operating expense, net” in the Condensed Consolidated Statements of Operations, and are summarized for the fiscal years ended December 31, 2010 and 2011 and the six-month period ended June 30, 2012 by reportable segment as follows:


	Industrial Products Group		Engineered Products Group			Total
Fiscal year 2010	$	3,687	$	(1,491	)	$	2,196
Fiscal year 2011		6,621		1,963			8,584
Six-month period ended June 30, 2012		11,491		2,854			14,345

Total	$	21,799	$	3,326		$	25,125

The following table summarizes the activity in the restructuring accrual accounts for the six-month period ended June 30, 2012:


	Termination Benefits			Other			Total
Balance as of December 31, 2011	$	3,188		$	1,294		$	4,482
Charged to expense		12,919			1,426			14,345
Payments		(5,114	)		(2,055	)		(7,169	)
Other, net		(534	)		102			(432	)

Balance as of June 30, 2012	$	10,459		$	767		$	11,226