Subsequent Events (Notes)

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

On April 28, 2015, the Company announced that the Board of Directors (the "Board") approved the acceleration of certain profitability and liquidity improvement activities designed to right-size the business for the current market environment, reduce costs, and improve operating performance. The initial improvement actions include consolidation of up to ten facilities by first quarter 2016 and significant headcount reductions. The Company expects to complete the initial improvement activities by the end of the first quarter of 2016.

Based on current information, the Company expects the total gross pre-tax charge associated with the improvement actions to be approximately $49 to $64 million. Of this total, approximately $12.1 to $21.4 million is expected to be cash and be incurred by early 2016, including up to $6 million which, if realized is payable in approximately level payments over 20 years. This gross total includes approximately $2.1 to $4.4 million of employee severance and retention-related benefits, approximately $8.5 million of facility-related expenses for lease terminations and moving costs, professional fees of approximately $1.5 to $2.5 million, up to $6 million of other costs, and a net non-cash charge for assets of $12.8 to $14.5 million. The Company estimates it will receive $28 to $32 million of cash proceeds from the sale of facilities and other assets.

On April 17, 2015, the Board of Directors announced the appointment of a new President and Chief Executive Officer, effective immediately. The prior President and Chief Executive Officer resigned on April 16, 2015.