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RATIONALIZATION AND ASSET IMPAIRMENTS | 6 Months Ended
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Jun. 30, 2015
Restructuring and Related Activities [Abstract] |
RATIONALIZATION AND ASSET IMPAIRMENTS | RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded rationalization charges of $1,239 for the six months ended June 30, 2015, primarily related to employee severance and other related costs. A description of each restructuring plan and the related costs follows: Europe Welding Plans: During 2015, the Company initiated a rationalization plan within Europe Welding. The plan includes headcount restructuring to better align the cost structures with economic conditions and operating needs. During the six months ended June 30, 2015, the Company recorded charges relating to the Europe Welding plans of $1,239, which represent employee severance and other related costs. The Company expects additional charges up to $400 related to the completion of these activities. At June 30, 2015, liabilities relating to the Europe Welding plans of $665 were recognized in Other current liabilities, which will be substantially paid during 2015. Asia Pacific Welding Plans: During the third quarter of 2014, the Company identified assets within the segment for planned divestiture. As of June 30, 2015, $22,842 and $5,887 of assets and liabilities identified for divestiture were classified as held for sale and were recorded in Other current assets and Other current liabilities, respectively. The Company believes the rationalization actions will positively impact future results of operations and will not have a material effect on liquidity and sources and uses of capital. The Company continues evaluating its cost structure and additional rationalization actions may result in charges in future periods.

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- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
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