Restructuring

9 Months Ended

Sep. 30, 2011

Restructuring

Restructuring

18. Restructuring

In the fourth quarter of 2008, the company committed to a restructuring plan to reduce the cost structure of its French and Portuguese crane facilities and recorded a restructuring expense of $21.7 million to establish a reserve for future involuntary employee terminations and related costs.  The restructuring plan was primarily meant to better align the company’s resources due to the accelerated decline in demand in Western and Southern Europe where market conditions have negatively impacted the company’s tower crane product sales.  As a result of the continued worldwide decline in crane sales during the year ended December 31, 2009, the company recorded an additional $29.0 million in restructuring charges to further reduce the Crane segment cost structure in all regions.  The restructuring plans will reduce the Crane segment workforce by approximately 40% of 2008 year-end levels.  As of September 30, 2011, $49.2 million of benefit payments had been made with respect to the workforce reductions.

The following is a rollforward of all restructuring activities relating to the Crane segment for the nine-month period ended September 30, 2011:

(in millions)	Restructuring Reserve Balance as of December 31, 2010		Restructuring Charges		Use of Reserve			Reserve Revisions		Restructuring Reserve Balance as of September 30, 2011
Involuntary employee terminations and related costs	$	9.5	$	1.7	$	(6.1	)	$	—	$	5.1

During the first quarter of 2011, the company determined that certain restructuring actions originally contemplated in conjunction with the Enodis acquisition were no longer necessary.  Accordingly, the company adjusted the excess reserve of $3.9 million to goodwill.

The following is a rollforward of all restructuring activities relating to the Foodservice segment for the nine-month period ended September 30, 2011:

(in millions)	Restructuring Reserve Balance as of December 31, 2010		Restructuring Charges		Use of Reserve			Reserve Revisions			Restructuring Reserve Balance as of September 30, 2011
Acquisition related restructuring reserves	$	25.5	$	2.1	$	(3.6	)	$	(3.9	)	$	20.1