XML 44 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
RESTRUCTURING ACTIONS RESTRUCTURING ACTIONS (Tables)
 9 Months Ended
Sep. 30, 2016
Restructuring Cost and Reserve [Line Items]  
Restructuring and Related Costs [Table Text Block]
The table below summarizes the restructuring costs presented within general and administrative expenses in our Consolidated Condensed Income Statements for the three and nine months ended September 30, 2016 and 2015.
 
Three Months
 
Nine Months
For the Periods Ended September 30
2016
 
2015
 
2016
 
2015
Severance costs
$
3.1

 
$
1.1

 
$
22.0

 
$
16.2

Asset write-offs
0.2

 
0.7

 
0.4

 
0.7

Other restructuring costs
0.7

 
—

 
1.4

 
0.9

Total restructuring costs
$
4.0

 
$
1.8

 
$
23.8

 
$
17.8

By segment:
 
 
 
 
 
 
 
Industrial Process
$
2.9

 
$
0.6

 
$
19.9

 
$
10.6

Motion Technologies
1.1

 
—

 
2.5

 
—

Interconnect Solutions
—

 
0.9

 
—

 
6.2

Control Technologies
—

 
0.3

 
0.9

 
0.8

Corporate and Other
—

 
—

 
0.5

 
0.2
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]
The following table displays a rollforward of the restructuring accruals, presented on our Consolidated Condensed Balance Sheet within accrued liabilities, for the nine months ended September 30, 2016 and 2015.
For the Periods Ended September 30
2016
 
2015
Restructuring accruals - beginning balance
$
20.0

 
$
21.9

Restructuring costs
23.8

 
17.8

Cash payments
(22.7
)
 
(19.5
)
Asset write-offs
(0.4
)
 
(0.7
)
Foreign exchange translation and other
—

 
(0.3
)
Restructuring accrual - ending balance
$
20.7

 
$
19.2

By accrual type:
 
 
 
Severance accrual
$
19.4

 
$
18.2

Facility carrying and other costs accrual
1.3

 
1.0
Industrial Process Restructuring Action [Member]  
Restructuring Cost and Reserve [Line Items]  
Restructuring and Related Costs [Table Text Block]
Industrial Process Restructuring Actions
Beginning in early 2015, we have been executing a series of restructuring actions focused on achieving efficiencies and reducing the overall cost structure of the Industrial Process segment. During the nine months ended September 30, 2016, we continued to pursue these objectives and we recognized $19.9 of restructuring costs primarily related to severance for approximately 370 employees. During 2015, we recognized restructuring costs of $12.2 for these actions, with $10.6 recognized during the first nine months of 2015. Total restructuring costs under these actions through September 30, 2016 are $32.1 mainly related to severance for approximately 570 employees. These actions are expected to be substantially complete during the next three months. However, we will continue to monitor and evaluate the need for any additional restructuring actions.
The following table provides a rollforward of the restructuring accruals associated with the Industrial Process restructuring actions.
For the Nine Months Ended September 30
2016
 
2015
Restructuring accruals - beginning balance
$
4.9

 
$
—

Restructuring costs
19.9

 
10.6

Cash payments
(12.8
)
 
(3.1
)
Asset write-offs
(0.4
)
 
(0.7
)
Foreign exchange translation and other
0.3

 
—

Restructuring accruals - ending balance
$
11.9

 
$
6.8
Interconnect Solutions Restructuring Actions [Member]  
Restructuring Cost and Reserve [Line Items]  
Restructuring and Related Costs [Table Text Block]
Interconnect Solutions Restructuring Actions
Beginning in 2013, we initiated a series of restructuring actions to improve the overall cost structure of our ICS segment. These actions included headcount reductions of approximately 500 employees and the transition of certain production lines from one location to an existing lower cost manufacturing site. Payments related to these actions were completed in 2016.
In May 2015, we initiated a separate restructuring action designed to further reduce the cost structure of the ICS segment primarily through additional headcount reductions of approximately 100 employees, for which the Company recognized costs of $6.5 during 2015. Payments related to the remaining accrual for this action are expected to be substantially completed in 2017.
The following table provides a rollforward of the restructuring accrual associated with the Interconnect Solutions restructuring actions.
For the Nine Months Ended September 30
2016
 
2015
Restructuring accruals - beginning balance
$
9.4

 
$
17.1

Restructuring costs
—

 
6.2

Cash payments
(7.0
)
 
(12.1
)
Foreign exchange translation and other
(0.1
)
 
(0.2
)
Restructuring accruals - ending balance
$
2.3

 
$
11.0