Management Actions

6 Months Ended

Jun. 30, 2014

Restructuring and Related Activities [Abstract]


3.	Management Actions

Q4 2013 Action - During the fourth quarter of 2013, we implemented a restructuring action to right size the cost structure in our European operations, primarily as a result of the strategic decision to adjust our Direct versus Distribution selling efforts, to enhance our go-to-market approach which is anticipated to improve profitability and increase customer satisfaction. The pre-tax charge of $1,577 recognized in the fourth quarter consisted primarily of severance and was included within Selling and Administrative Expense in the Condensed Consolidated Statements of Earnings. We do not expect additional costs will be incurred related to this restructuring action and we believe the anticipated savings will offset the pre-tax charge in approximately 1.5 years. The charge impacted our Europe, Middle East, Africa (EMEA) operating segment, which has no goodwill balance.

A reconciliation of the beginning and ending liability balances is as follows:



	Severance and Related Costs
Q4 2013 restructuring action	$	1,577
December 31, 2013 balance	$	1,577
2014 utilization:
Cash payments	(938		)
Foreign currency adjustments	(6		)
Change in estimate	(25		)
June 30, 2014 balance	$	608

Q1 2013 Action - During the first quarter of 2013, we implemented a restructuring action to right size the cost structure of our European operations, primarily focused on reducing the size of our sales and service organization, in response to the challenging economic situation. The pre-tax charge of $1,440 recognized in the first quarter consisted primarily of severance and was included within Selling and Administrative Expense in the Condensed Consolidated Statements of Earnings. We do not expect additional costs will be incurred related to this restructuring action and the anticipated savings will offset the pre-tax charge in approximately one year. The charge impacted our Europe, Middle East, Africa (EMEA) operating segment, which has no goodwill balance.

A reconciliation of the beginning and ending liability balances is as follows:



	Severance and Related Costs
Q1 2013 restructuring action	$	1,440
Cash payments	(1,110		)
Foreign currency adjustments	17
December 31, 2013 balance	$	347
2014 utilization:
Cash payments	(84		)
Foreign currency adjustments	6
June 30, 2014 balance	$	269

- 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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