XML 68 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
SPECIAL CHARGES, NET
3 Months Ended
Mar. 30, 2013
SPECIAL CHARGES, NET  
SPECIAL CHARGES, NET

(5)                                 SPECIAL CHARGES, NET

 

Special charges, net, for the three months ended March 30, 2013 and March 31, 2012 are summarized and described in

more detail below:

 

 

 

Three months ended

 

 

 

March 30,

 

March 31,

 

 

 

2013

 

2012

 

Flow Technology reportable segment

 

$

(0.6

)

$

1.3

 

Thermal Equipment and Services reportable segment

 

0.5

 

0.2

 

Industrial Products and Services and Other

 

 

0.1

 

Corporate

 

0.5

 

0.8

 

Total

 

$

0.4

 

$

2.4

 

 

Flow Technology reportable segment — The credit for the three months ended March 30, 2013 related primarily to a revision of the accruals for certain prior year restructuring initiatives. Charges for the three months ended March 31, 2012 related primarily to costs associated with the initial integration of Clyde Union, costs related to the reorganization of the segment’s systems business, and asset impairment charges of $0.3.

 

Thermal Equipment and Services reportable segment— Charges for the three months ended March 30, 2013 related primarily to costs associated with finalization of an expense reduction initiative that commenced in 2012. Charges for the three months ended March 31, 2012 related primarily to severance costs associated with transferring certain functions of our boiler and heating products business to a location in Chicago, IL.

 

Industrial Products and Services and Other — Charges for the three months ended March 31, 2012 related primarily to costs associated with the finalization of an expense reduction initiative originally implemented by our broadcast antenna systems business during 2011.

 

Corporate — Charges for the three months ended March 30, 2013 related to costs associated with the early termination of two building leases and an asset impairment charge of $0.3.  Charges for the three months ended March 31, 2012 related primarily to costs associated with consolidating certain corporate functions, our legal entity reduction initiative and an asset impairment charge of $0.2.

 

Expected charges still to be incurred under plans approved as of March 30, 2013 are less than $1.0.

 

The following is an analysis of our restructuring and integration liabilities for the three months ended March 30, 2013 and March 31, 2012:

 

 

 

Three months ended

 

 

 

March 30,

 

March 31,

 

 

 

2013

 

2012

 

Balance at beginning of period

 

$

16.4

 

$

11.0

 

Special charges — cash (1)

 

(0.2

)

1.9

 

Utilization — cash

 

(6.6

)

(6.4

)

Currency translation adjustment and other

 

(0.1

)

0.1

 

Balance at end of period

 

$

9.5

 

$

6.6

 

 

(1)                                 The three months ended March 30, 2013 and March 31, 2012 exclude $0.6 and $0.5, respectively, of non-cash charges that did not impact the restructuring and integration related liabilities.