2.2.0.25falsefalse0214 - Disclosure - Restructuring and Asset Impairmenttruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
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<!-- Begin Block Tagged Note 14 - cbe:RestructuringAndAssetImpairmentTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 14: RESTRUCTURING AND ASSET IMPAIRMENT</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     In the second quarter of 2008 Cooper recorded a $7.6 million restructuring charge for
severance costs for downsizing a Tools segment international facility. This facility downsizing
and related cash payments were substantially completed in 2008.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     During the fourth quarter of 2008 Cooper committed to employment reductions to appropriately
size Cooper’s workforce to current and anticipated market conditions and to downsize a domestic
Tools segment manufacturing operation. Cooper recorded a $35.7 million charge in the fourth
quarter of 2008 related to these actions, $15.2 million of which relates to the Energy and Safety
Solutions segment, $10.3 million relates to the Electrical Products Group segment and $10.2 million
relates to the Tools segment. A total of 1,314 hourly and 930 salaried positions were eliminated
as a result of the fourth quarter 2008 restructuring actions to reduce Cooper’s workforce.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     During 2009 Cooper committed to additional employment reductions and certain facility closures
as a result of management’s ongoing assessment of its hourly and salary workforce and its required
production
capacity in consideration of current and anticipated market conditions and demand
levels. Cooper recorded charges of $28.7 million in 2009 related to these actions, $8.1 million of
which related to the Energy and Safety Solutions segment, $10.4 million related to the Electrical
Products Group segment and $8.6 million related to the Tools segment. The remaining $1.6 million
was related to reductions in Cooper’s corporate staff. A total of 1,088 hourly and 772 salaried
positions were eliminated as a result of the 2009 restructuring
actions to reduce Cooper’s workforce. As part of these restructuring actions, Cooper approved
the closure of ten factories and warehouses, eight of which were completed by the end of 2009.
Cooper recorded non-cash impairment charges of $1.2 million in 2009 related to these actions. In
2010 Cooper completed the two remaining factory closures and recorded $8.0 million of costs
associated with completion of the restructuring actions. The 2010 restructuring costs include $7.4
million related to the Electrical Products Group segment, $0.5 million related to the Energy and
Safety Solutions segment and $0.1 million related to the Tools segment.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The following table reflects activity related to the restructuring accrual.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Contract</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6">Involuntary Employee</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Termination</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">Termination Benefits</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">and Other</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Headcount</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Dollars</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Exit Costs</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6">($ in millions)</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2008 fourth quarter restructuring actions
</div></td>
<td> </td>
<td> </td>
<td align="right">2,244</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">33.7</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2.0</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Headcount reductions or costs incurred
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,358</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5.7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.3</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance at December 31, 2008
</div></td>
<td> </td>
<td> </td>
<td align="right">886</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">28.0</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1.7</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2009 restructuring actions
</div></td>
<td> </td>
<td> </td>
<td align="right">1,860</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">24.8</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3.9</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Headcount reductions or costs incurred
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,478</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(47.7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4.6</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance at December 31, 2009
</div></td>
<td> </td>
<td> </td>
<td align="right">268</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">5.1</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1.0</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Restructuring actions
</div></td>
<td> </td>
<td> </td>
<td align="right">24</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3.3</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">4.7</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Headcount reductions or costs incurred
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(292</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(8.1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5.4</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance at December 31, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.3</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.3</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Cumulative restructuring actions —
2008 fourth quarter through December 31,
2010
</div></td>
<td> </td>
<td> </td>
<td align="right">4,128</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">61.8</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">10.6</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     As of December 31, 2010, the workforce reductions, contract termination and other exit
costs and the related cash payments for the above actions have been substantially completed.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     In the fourth quarter of 2008 Cooper also recorded a non-cash impairment charge of $9.1
million related to an investment in a previously unconsolidated international joint venture in the
Electrical Products Group segment. In December 2008 Cooper acquired a majority interest in the
international joint venture and consolidated the joint venture’s net assets of $4.6 million at such
time.
</div>
</div>
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