RESTRUCTURING CHARGES

9 Months Ended

Sep. 30, 2012

4. RESTRUCTURING CHARGES

During the third quarter of 2012, the Company recorded charges totaling $24.1 million related to the restructuring that the Company announced in September 2012 (the “September 2012 Program”), which primarily involved the Company exiting its owned manufacturing facility in France and its leased manufacturing facility in Maryland; rightsizing its organizations in France and Italy; and realigning its operations in Latin America, including consolidating Latin America and Canada into a single operating region, which will be effective in the fourth quarter of 2012. Certain of the actions are subject to consultations with employees, works councils or unions, and government authorities. Of the $24.1 million charge: (a) $21.0 million is recorded in restructuring charges; (b) $1.6 million is recorded as a reduction to net sales; (c) $1.1 million is recorded in cost of goods sold; and (d) $0.4 million is recorded in SG&A expenses.

The Company expects to recognize approximately $1.0 million in additional charges for a total of approximately $25 million in charges related to the September 2012 Program. Of the total expected charge of $25 million, approximately $23 million will be cash that is expected to be paid over the next eighteen months.

Details of the activities described above during the first nine months of 2012 are as follows:


	Balance as of January 1, 2012		Expenses (Income), Net		Utilized, Net					Balance as of September 30, 2012
	Balance as of January 1, 2012		Expenses (Income), Net		Cash			Noncash		Balance as of September 30, 2012
Employee severance and other personnel benefits:
September 2012 Program	$	—	$	19.6	$	(0.1	)	$	—	$	19.5

Other:
September 2012 Program		—		1.4		(0.5	)		—		0.9
Other Programs		1.0		—		(0.5	)		—		0.5

Total restructuring charges	$	1.0	$	21.0	$	(1.1	)	$	—	$	20.9

- 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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