RATIONALIZATION AND ASSET IMPAIRMENTS

The Company recorded rationalization and asset impairment charges of $6,590 and $19,958 for the years ended December 31, 2017 and 2015. The 2017 charges include $5,149 primarily related to employee severance and $1,441 in asset impairment charges.

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 2017, the Company initiated rationalization plans within International Welding. The plan includes headcount restructuring and the consolidation of manufacturing operations to better align the cost structures with economic conditions and operating needs. At December 31, 2017, liabilities relating to the International Welding plans of $3,610 were recognized in Other current liabilities. The Company does not anticipate significant additional charges related to the completion of these 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.

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, 2017:



	Americas Welding			International Welding			Consolidated
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
Payments and other adjustments	—			(3,536		)	(3,536		)
Charged to expense	—			5,149			5,149
Balance at December 31, 2017	$	—		$	6,803		$	6,803