Restructuring Charges

9 Months Ended

Sep. 28, 2014

Note 4.

Restructuring Charges

During the second and third quarters of 2014, the Company announced it would undertake a restructuring program that will result in the permanent reduction of 8 percent of its workforce. This restructuring will occur across all business segments of the Company and is estimated to provide annualized savings of approximately $20 million. The reductions, which will occur over the next twelve months, will include elimination of duplicate corporate functions, deployment of our shared service model, and consolidation and alignment of various corporate functions and regional locations across the Company. The following table outlines the amount of restructuring expenses recorded within the Condensed Consolidated Statements of Income, and the segments they relate to:

	Three Months Ended		Nine Months Ended
Restructuring Charges	Sept. 28, 2014
	(millions of dollars)
Specialty Minerals	$	0.5	$	2.7
Refractories		-		0.6
Performance Materials		2.0		3.2
Construction Technologies		2.0		3.0
Energy Services		1.3		2.3
Total	$	5.8	$	11.8

At September 28, 2014, we had $11.2 million included within accrued liabilities within our Condensed Consolidated Balance Sheets for cash expenditures needed to satisfy remaining obligations under these reorganization initiatives. The Company expects to pay these amounts by the end of June 2015.

The following table is a reconciliation of our restructuring liability balance as of September 28, 2014:

	(millions of dollars)
Restructuring liability, December 31, 2013	$	-
Additional provisions		11.8
Cash payments		(0.6	)
Restructuring liability, September 28, 2014	$	11.2

- 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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