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Cost Reduction Actions

6 Months Ended

Jun. 30, 2012

Note 9. Cost Reduction Actions

2012 Program

During the first six months of 2012, the Company recorded $18.9 million in restructuring charges, consisting of severance and related costs for the reduction of approximately 420 positions and asset impairment charges. At June 30, 2012, approximately 50 employees impacted by this program remained with the Company.

2011 Actions

In 2011, the Company recorded approximately $45 million in restructuring charges, consisting of severance and related costs for the reduction of approximately 910 positions, asset impairment charges, and lease cancellation costs. At June 30, 2012, no employees impacted by these actions remained with the Company.

Severance and lease cancellation costs under these restructuring actions were recorded in “Other current liabilities” in the unaudited Condensed Consolidated Balance Sheets. Asset impairments were based on the estimated market value of the assets.

Restructuring charges and payments/settlements during the first six months of 2012 were as follows:


(In millions)	Accrual at December 31, 2011		Charges (Reversals), net			Cash Payments			Non-cash Settlements			Foreign Currency Translation		Accrual at June 30, 2012
2012 Program
Severance and related costs		$ –		$ 16.4			$ (6.9	)		$ –			$ –		$ 9.5
Asset impairment		–		2.5			–			(2.5	)		–		–
2011 Actions
Severance and related costs		12.7		(.9	)		(11.4	)		–			.1		.5
Lease cancellation costs		1.8		(.2	)		(1.3	)		–			–		.3
Q3 2010 – Q4 2010 Actions
Severance and related costs		.2		–			(.2	)		–			–		–
		$ 14.7		$ 17.8			$ (19.8	)		$ (2.5	)		$ .1		$ 10.3

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


	Three Months Ended				Six Months Ended
(In millions)	June 30, 2012		July 2, 2011		June 30, 2012		July 2, 2011
Restructuring costs by reportable segment and other businesses
Pressure-sensitive Materials		$ 7.6		$ 4.3		$ 9.8		$ 7.7
Retail Branding and Information Solutions		2.0		2.4		4.5		4.3
Other specialty converting businesses		.9		.6		3.5		1.2
Continuing operations		10.5		7.3		17.8		13.2
Discontinued operations		–		–		–		.3
		$ 10.5		$ 7.3		$ 17.8		$ 13.5

- 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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