Severance Reserve

9 Months Ended

Sep. 30, 2012

Severance Reserve [Abstract]

Severance Reserve

Note 6 — Severance Reserve

During the three and nine month periods ended September 30, 2012, the Company recorded $1.4 million and $8.2 million in severance charges, respectively, related to its MRO segment. These charges consisted of $1.3 million related to the retirement of the Company’s former President and Chief Executive Officer and $6.9 million related to the elimination of corporate and distribution positions primarily as a result of a strategic restructuring plan designed to reduce the Company’s cost structure.

The table below shows the changes in the Company’s reserve for severance and related payments as of September 30, 2012 and 2011:

	(Amounts in thousands)
	Nine Months Ended September 30,
	2012			2011
Balance at beginning of period	$	1,282		$	3,062
Charged to earnings		8,180			1,492
Cash paid		(3,938	)		(2,715	)
Balance at end of the period	$	5,524		$	1,839

Accrued severance charges are included in the line items of the Condensed Consolidated Balance Sheets at September 30, 2012 and December 31, 2011 as follows:

	(Dollars in thousands)
	September 30,		December 31,
	2012		2011
Accrued expenses and other liabilities	$	3,975	$	1,187
Noncurrent other		1,549		95
Total accrued severance	$	5,524	$	1,282

All severance accrued at September 30, 2012 will be fully paid by September 30, 2014.