Cost Reduction Actions

6 Months Ended

Jun. 29, 2013

Note 9. Cost Reduction Actions

2012 Program

During the six months ended June 29, 2013, we recorded $15.9 million in restructuring charges, net of reversals, related to our 2012 Program, which consisted of severance and related costs for the reduction of approximately 630 positions, lease and other contract cancellation costs, and asset impairment charges. Of the 630 positions, approximately five employees remained employed with us as of June 29, 2013.

In 2012, we recorded $57.7 million in restructuring charges, net of reversals, related to our 2012 Program, which consisted of severance and related costs for the reduction of approximately 1,060 positions, lease cancellation costs, and asset impairment charges.

We expect to complete this program in 2013.

Accruals for severance and related costs and lease and other contract cancellation costs were included in “Other current liabilities” in the unaudited Condensed Consolidated Balance Sheets. For assets that were not disposed of, impairments were based on the estimated market value of the assets.

During the six months ended June 29, 2013, restructuring charges and payments, including those for discontinued operations, were as follows:

(In millions)	Accrual at December 29, 2012		Charges (Reversals), net		Cash Payments			Non-cash Impairment			Foreign Currency Translation			Accrual at June 29, 2013
2012 Program
Severance and related costs	$	20.7	$	12.2	$	(26.0	)	$	–		$	(.1	)	$	6.8
Lease and other contract cancellation costs	.1		.6		(.5		)	–			–			.2
Asset impairment charges	–		3.1		–			(3.1		)	–			–
2011 Actions
Severance and related costs	.1		–		(.1		)	–			–			–
	$	20.9	$	15.9	$	(26.6	)	$	(3.1	)	$	(.1	)	$	7.0

The table below shows the total amount of costs incurred by reportable segment and other businesses in connection with the 2012 Program for the periods shown below. Restructuring costs in continuing operations are included in “Other (income) expense, net” in the unaudited Consolidated Statements of Income.

	Three Months Ended				Six Months Ended
(In millions)	June 29, 2013		June 30, 2012		June 29, 2013		June 30, 2012
Restructuring costs by reportable segment and other businesses
Pressure-sensitive Materials	$	1.7	$	8.6	$	5.3	$	10.8
Retail Branding and Information Solutions	6.0		.9		10.3		5.9
Other specialty converting businesses	–		.6		–		.6
Corporate	.1		.1		.3		.1
Continuing operations	7.8		10.2		15.9		17.4
Discontinued operations	–		.3		–		.4
	$	7.8	$	10.5	$	15.9	$	17.8

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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