Restructuring and Other Infrequent Expenses

9 Months Ended

Sep. 30, 2015

Restructuring and Related Activities [Abstract]

Restructuring and Other Infrequent Expenses

RESTRUCTURING AND OTHER INFREQUENT EXPENSES

During the second half of 2014 and the first half of 2015, the Company announced and initiated several actions to rationalize employee headcount at various manufacturing facilities located in Europe, China, Brazil, Argentina and the United States, as well as various administrative offices located in Europe, Brazil, China and the United States. The aggregate headcount reduction of approximately 1,950 employees in 2014 and 2015 was initiated in order to reduce costs in response to softening global demand and reduced production volumes. The Company recorded approximately $46.4 million of restructuring and other infrequent expenses during 2014 associated with these rationalizations, of which approximately $44.4 million related to severance and other related costs. During 2014, the Company paid approximately $19.0 million of these costs, and as of December 31, 2014, had a remaining accrued balance of approximately $25.4 million. During the nine months ended September 30, 2015, the Company recorded an additional $14.6 million of restructuring and other infrequent expenses and paid an additional $23.2 million of severance and other related costs. The remaining $15.9 million balance of severance and other related costs accrued as of September 30, 2015, inclusive of approximately $0.9 million of negative foreign currency translation impacts, will be paid primarily during 2015 and 2016.