Restructuring Charges

3 Months Ended

Mar. 29, 2015

Note 4.

Restructuring Charges

During 2014, the Company announced a restructuring program that will result in a 10% permanent reduction of its workforce. The reductions 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.

At March 29, 2015, we had $11.7 million included within accrued liabilities within our Condensed Consolidated Balance Sheets for cash expenditures needed to satisfy remaining obligations under these workforce reduction initiatives. The Company expects to pay these amounts by the end of December 2015.

The following table is a reconciliation of our restructuring liability balance as of March 29, 2014:

	(millions of dollars)
Restructuring liability, December 31, 2014	$	14.6
Additional provisions		-
Cash payments		(2.9	)
Restructuring liability, March 29, 2015	$	11.7

- 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.

+ References+ Details