RESTRUCTURING CHARGES

3 Months Ended

Mar. 31, 2013

September 2012 Program

In September 2012, the Company announced a worldwide restructuring (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 became effective in the fourth quarter of 2012.

A summary of the restructuring and related charges incurred through March 31, 2013 and expected to be incurred for the September 2012 Program, are as follows:



	Restructuring Charges
	Employee Severance and Other Personnel Benefits			Other		Total Restructuring Charges		Returns (a)		Inventory Write-offs (b)		Other Charges (c)		Total Restructuring and Related Charges
Charges incurred through December 31, 2012 ^(d)	$	18.4		$	2.3	$	20.7	$	1.6	$	1.2	$	0.6	$	24.1
Charges (benefits) incurred for three months ended March 31, 2013	(0.5		)	0.7		0.2		—		—		0.1		0.3
Cumulative charges incurred through March 31, 2013	$	17.9		$	3.0	$	20.9	$	1.6	$	1.2	$	0.7	$	24.4
Total expected charges ^(e)	$	17.9		$	3.6	$	21.5	$	1.6	$	1.2	$	0.8	$	25.1


^(a)	Returns are recorded as a reduction to net sales in the Company’s Statements of Operations and Comprehensive (Loss) Income.


^(b)	Inventory write-offs are recorded within cost of sales in the Company’s Statements of Operations and Comprehensive (Loss) Income.


^(c)	Other charges are recorded within SG&A expenses within the Company’s Statements of Operations and Comprehensive (Loss) Income.


^(d)	Included within the $20.7 million restructuring charges is a net pension curtailment gain of $1.5 million.


^(e)	Additional charges of approximately $1.0 million are expected to be incurred in 2013.

The Company expects to pay cash of approximately $24 million related to the September 2012 Program, of which $3.8 million was paid in 2012, $4.5 million was paid during the three months ended March 31, 2013, and the remainder is expected to be paid during the remaining nine months of 2013.

Details of the movements in the restructuring reserve during the first quarter of 2013 are as follows:



									Utilized, Net
	Balance as of January 1, 2013		(Income) Expense, Net			Foreign Currency Translation			Cash			Noncash		Balance as of March 31, 2013
September 2012 Program:
Employee severance and other personnel benefits	$	18.0	$	(0.5	)	$	(0.6	)	$	(3.5	)	$	—	$	13.4
Other	0.9		0.7			—			(0.9		)	—		0.7
Lease exit	0.3		—			—			(0.1		)	—		0.2
Total restructuring charges	$	19.2	$	0.2		$	(0.6	)	$	(4.5	)	$	—	$	14.3

As of March 31, 2013 and December 31, 2012, the restructuring reserve balance was included in “Accrued expenses and other” in the Company's Consolidated Balance Sheets.

- 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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