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RATIONALIZATION AND ASSET IMPAIRMENTS | 6 Months Ended
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Jun. 30, 2016
Restructuring and Related Activities [Abstract] |
RATIONALIZATION AND ASSET IMPAIRMENTS | RATIONALIZATION AND ASSET IMPAIRMENTS In prior periods, the Company initiated various rationalization plans whose costs were substantially recognized in the prior year. As such, no charges were recorded in the six months ended June 30, 2016. A description of each restructuring plan and the related costs follows: Americas Welding Plans: During 2015, the Company initiated a rationalization plan within Americas Welding that included a voluntary separation incentive program covering certain U.S.-based employees. The plan was completed during 2016. International Welding Plans: During 2015, the Company initiated rationalization plans within International Welding. The plans include headcount restructuring to better align cost structures with economic conditions and operating needs. The Company does not anticipate any additional charges related to the completion of these plans. At June 30, 2016, liabilities relating to the International Welding plans of $6,411 were recognized in Other current liabilities. 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 to evaluate its cost structure and additional rationalization actions may result in charges in future periods. The following tables summarize the activity related to the rationalization liabilities by segment for the six months ended June 30, 2016:
| Americas Welding |  | International Welding |  | Consolidated
Balance, December 31, 2015 | $ | 67 |  |  | $ | 7,598 |  |  | $ | 7,665 |
Payments and other adjustments | (67 | ) |  | (1,187 | ) |  | (1,254 | )
Charged to expense | — |  |  | — |  |  | — |
Balance, June 30, 2016 | $ | — |  |  | $ | 6,411 |  |  | $ | 6,411 |

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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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