Restructuring and Asset Impairment Charges

3 Months Ended

Jun. 30, 2013

Restructuring and Related Activities [Abstract]

Restructuring and Asset Impairment Charges

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES

The Company previously implemented several strategic initiatives in response to shifts in supply and demand balances and changing business models of its customers. These initiatives were substantially complete at March 31, 2013. The Company continues to focus on improving factory efficiencies and other core components of its business. As part of this focus, the Company agreed to a joint processing venture in one of its foreign locations during the three months ended June 30, 2013. As a result, the Company recorded pretax charges of $1,893 in connection with the reduction in workforce including the effect on the Company's defined benefit pension plans of $1,261. An asset impairment charge of $303 was recorded for certain processing equipment in connection with the new venture.

4. RESTRUCTURING AND ASSET IMPAIRMENT CHARGES (continued)

The following table summarizes the restructuring charges recorded in the Company’s reporting segments during the three months ended June 30, 2013 and 2012, respectively:



	Three Months Ended June 30,
Restructuring and Asset Impairment Charges	2013			2012
Employee separation and other cash charges:
Beginning balance	$	668		$	1,960
Period charges:
Severance charges	632			—
Total period charges	632			—
Payments through June 30	(156		)	(555		)
Ending balance June 30	$	1,144		$	1,405
Asset impairment and other non-cash charges	$	1,564		$	—
Total restructuring charges for the period	$	2,196		$	—



	Three Months Ended June 30,
Employee Separation and Other Cash Charges	2013			2012
Beginning balance:	$	668		$	1,960
South America	—			183
Value added services	—			—
Other regions	668			1,777
Period charges:	$	632		$	—
South America	—			—
Value added services	—			—
Other regions	632			—
Payments through June 30	$	(156	)	$	(555	)
South America	—			(18		)
Value added services	—			—
Other regions	(156		)	(537		)
Ending balance June 30	$	1,144		$	1,405
South America	—			165
Value added services	—			—
Other regions	1,144			1,240

- 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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