Restructuring Charges

6 Months Ended

Jun. 28, 2015

Restructuring Charges [Abstract]

Restructuring Charges

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 June 28, 2015, we had $9.6 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 June 28, 2015:

	(millions of dollars)
Restructuring liability, December 31, 2014	$	14.6
Additional provisions		1.0
Cash payments		(6.0	)
Restructuring liability,  June 28, 2015	$	9.6

The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income.

	Three Months Ended				Six Months Ended
(millions of dollars)	June 28, 2015		June 29, 2014		June 28, 2015		June 29, 2014
Restructuring Charges	$	1.0	$	6.0	$	1.0	$	6.0
Impairment of Assets		15.8		-		15.8		-
Total restructuring and other charges	$	16.8	$	6.0	$	16.8	$	6.0

During the second quarter of 2015, the Company incurred an impairment charge of $15.8 million for underdutilized equipment which was abandoned by the Company for its Coil Tubing business, within the Energy Services segment.