Restructuring Actions

12 Months Ended

Dec. 31, 2014

Restructuring and Related Activities [Abstract]

RESTRUCTURING ACTIONS

We have initiated various restructuring activities throughout the business during the past three years, of which only the Interconnect Solutions turnaround activities is considered to be individually significant. See further discussion on this plan below. Other less significant restructuring actions during 2014 and 2013 included reduction in force initiatives, geographic sales presence realignment, and the exit of a non-core construction pump business. We also undertook various restructuring actions during 2012 primarily focused on reducing operating costs through reduction in force initiatives. The components of all restructuring costs incurred during each of the previous three years ended are presented in the table below.



	2014		2013		2012
By component:
Severance costs	$	23.2	$	22.3	$	10.9
Asset write-offs	1.5		3.9		0.2
Other restructuring costs	3.4		2.2		2.9
Total restructuring costs	$	28.1	$	28.4	$	14.0
By segment:
Industrial Process	$	4.2	$	4.5	$	0.3
Motion Technologies	2.1		5.1		2.2
Interconnect Solutions	20.5		17.2		7.2
Control Technologies	—		0.4		0.8
Corporate and Other	1.3		1.2		3.5

The following table displays a rollforward of the restructuring accruals, presented on our Consolidated Balance Sheet within accrued liabilities, for each of the previous two years ended December 31st.



	2014			2013
Restructuring accruals - beginning balance	$	14.7		$	7.8
Restructuring costs	28.1			28.4
Cash payments	(18.6		)	(17.1		)
Asset write-offs	(1.5		)	(3.9		)
Foreign exchange translation and other	(0.8		)	(0.5		)
Restructuring accrual - ending balance	$	21.9		$	14.7
By accrual type:
Severance accrual	$	19.6		$	13.0
Facility carrying and other costs accrual	2.3			1.7

The following is a rollforward of employee position eliminations associated with restructuring activities through 2014:



	2014		2013
Planned reductions - beginning balance	107		10
Additional planned reductions	441		275
Actual reductions	(420	)	(178	)
Planned reductions - ending balance	128		107

Interconnect Solutions Turnaround Activities

During 2013, we initiated a comprehensive restructuring action to improve the overall cost structure of our Interconnect Solutions segment. The charges incurred during 2014 under this action primarily related to the employee severance for approximately 320 planned headcount reductions, approximately 75% of which were factory workers, associated with an action to move certain production lines from one location to another existing lower cost manufacturing site. The charges incurred during 2013 under this action primarily related to employee severance for 180 planned headcount reductions, and to a lesser extent, asset write-offs. We do not expect to incur further restructuring costs under this plan. The following table provides a rollforward of the restructuring accrual associated with the Interconnect Solutions turnaround activities.



	2014			2013
Restructuring accruals - beginning balance	$	8.0		$	—
Restructuring costs	20.5			18.1
Cash payments	(9.9		)	(6.1		)
Asset Write-Offs	(1.3		)	(3.9		)
Foreign exchange translation and other	(0.2		)	(0.1		)
Restructuring accruals - ending balance	$	17.1		$	8.0

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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