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RESTRUCTURING COSTS | 3 Months Ended
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Mar. 31, 2020
Restructuring and Related Activities [Abstract] |
Restructuring Costs | RESTRUCTURING COSTS During the three months ended March 31, 2020, the Corporation initiated restructuring activities across all of its segments to support the ongoing effort of improving capacity utilization and operating efficiency. These restructuring activities, which include workforce reductions and consolidation of facilities, resulted in $3 million of pre-tax charges for the three months ended March 31, 2020, inclusive of approximately $1 million of inventory write-downs classified within "Cost of product sales" in the Condensed Consolidated Statement of Earnings. Pre-tax restructuring charges for the year ending December 31, 2020 are expected to be $25 million to $30 million. The Company anticipates that these actions, which are expected to be substantially completed by the end of 2020, will result in total cost savings of approximately $20 million annually. The following tables summarize the respective accrual balances related to these restructuring activities:
| Restructuring Accrual |  |  |  |  |  | Restructuring Accrual
In thousands | as of December 31, 2019 |  | Provision |  | Cash Payments |  | as of March 31, 2020
Commercial/Industrial |  |  |  |  |  |  |
Severance | $ | — |  |  |  | $ | 318 |  |  |  | $ | — |  |  |  | $ | 318 |
Facility closure and other exit costs | — |  |  |  | 284 |  |  |  | (284) |  |  |  | — |
Total Commercial/Industrial | $ | — |  |  |  | $ | 602 |  |  |  | $ | (284) |  |  |  | $ | 318 |
Defense |  |  |  |  |  |  |
Severance | $ | — |  |  |  | $ | 799 |  |  |  | $ | (267) |  |  |  | $ | 532 |
Facility closure and other exit costs | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Power | $ | — |  |  |  | $ | 799 |  |  |  | $ | (267) |  |  |  | $ | 532 |
Power |  |  |  |  |  |  |
Severance | $ | — |  |  |  | $ | 117 |  |  |  | $ | (100) |  |  |  | $ | 17 |
Facility closure and other exit costs | — |  |  |  | 62 |  |  |  | (14) |  |  |  | 48 |
Total Power | $ | — |  |  |  | $ | 179 |  |  |  | $ | (114) |  |  |  | $ | 65 |
Consolidated |  |  |  |  |  |  |
Severance | $ | — |  |  |  | $ | 1,234 |  |  |  | $ | (367) |  |  |  | $ | 867 |
Facility closure and other exit costs | — |  |  |  | 346 |  |  |  | (298) |  |  |  | 48 |
Total consolidated | $ | — |  |  |  | $ | 1,580 |  |  |  | $ | (665) |  |  |  | $ | 915 |

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- References No definition available. + Details
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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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