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 twelve months ended December 31, 2016. The Company recorded rationalization net charges of $19,958 and $30,053 for the years ended December 31, 2015 and 2014, respectively. 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 plan included headcount restructuring to better align the cost structures with economic conditions and operating needs. The Company does not anticipate any additional charges related to the completion of these plans. At December 31, 2016, liabilities relating to the International Welding plans of $5,190, 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 table summarizes the activity related to the rationalization liabilities by segment for the year ended December 31, 2016:



	Americas Welding			International Welding			Consolidated
Balance at December 31, 2014	$	—		$	305		$	305
Payments and other adjustments	(3,231		)	(3,128		)	(6,359		)
Charged (credited) to expense	3,298			10,421			13,719
Balance at December 31, 2015	$	67		$	7,598		$	7,665
Payments and other adjustments	(67		)	(2,408		)	(2,475		)
Balance at December 31, 2016	$	—		$	5,190		$	5,190