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Restructuring
6 Months Ended
Jun. 30, 2011
Restructuring  
Restructuring

Note 2. Restructuring

In 2008, 2009 and 2010, the Company announced restructuring plans designed to address (i) rationalization of the Company's manufacturing footprint, (ii) slowing global economic growth and the resulting deterioration in the Company's end markets, (iii) integration of CompAir Holdings Limited ("CompAir") into its existing operations and (iv) additional cost reductions and margin improvement initiatives. These plans included the closure and consolidation of manufacturing facilities in Europe and the U.S., and various voluntary and involuntary employee termination and relocation programs. Execution of these plans was substantively completed during 2010. The Company recorded additional charges during the six-month period of 2011 in connection with the continued rationalization of facilities and other cost reduction initiatives. Charges recorded in connection with these plans, in accordance with FASB ASC 420, Exit or Disposal Cost Obligations and FASB ASC 712, Compensation-Nonretirement Postemployment Benefits, are included in "Other operating expense, net" in the Condensed Consolidated Statements of Operations, and are summarized for the fiscal years ended December 31, 2009 and 2010 and the six-month period ended June 30, 2011 by reportable segment as follows:

 

     Industrial
Products
Group
     Engineered
Products
Group
    Total  

Fiscal year 2009

   $ 25,791       $ 20,335      $ 46,126   

Fiscal year 2010

     3,687         (1,491 )      2,196   

Six months ended June 30, 2011

     3,571         392        3,963   
  

 

 

    

 

 

   

 

 

 

Total

   $ 33,049       $ 19,236      $ 52,285   
  

 

 

    

 

 

   

 

 

 

 

The following table summarizes the activity in the restructuring accrual accounts:

 

     Termination
Benefits
    Other     Total  

Balance as of December 31, 2010

   $ 4,593      $ 1,450      $ 6,043   

Charged to expense

     3,279        684        3,963   

Paid

     (4,333 )      (1,193 )      (5,526 ) 

Other, net

     667        40        707   
  

 

 

   

 

 

   

 

 

 

Balance as of June 30, 2011

   $ 4,206      $ 981      $ 5,187