Restructuring and Other Infrequent Expenses

3 Months Ended

Mar. 31, 2016

Restructuring and Related Activities [Abstract]

Restructuring and Other Infrequent Expenses

RESTRUCTURING AND OTHER INFREQUENT EXPENSES

During 2015 and 2014, the Company announced and initiated several actions to rationalize employee headcount at various manufacturing facilities and administrative offices located in Europe, China, South America and the United States. The aggregate headcount reduction of approximately 2,100 employees during 2014 and 2015 was initiated in order to reduce costs in response to softening global market demand and reduced production volumes. During 2014 and 2015, the Company expensed and paid an aggregate of $68.7 million and $48.5 million, respectively, associated with these rationalizations, of which a majority related to severance and other related costs. The Company had approximately $16.9 million of severance and related costs accrued as of December 31, 2015. During the three months ended March 31, 2016, the Company recorded an additional $1.9 million of severance and related costs associated with further rationalizations in the United States, South America and Europe, associated with the termination of approximately 200 employees. The Company paid approximately $3.4 million of severance and associated costs during the first quarter of 2016. The remaining $16.0 million of accrued severance and other related costs as of March 31, 2016, inclusive of approximately $0.6 million of positive foreign currency translation impacts, are expected to be paid primarily during 2016.