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RATIONALIZATION AND ASSET IMPAIRMENTS
 9 Months Ended
Sep. 30, 2019
Restructuring and Related Activities [Abstract]  
RATIONALIZATION AND ASSET IMPAIRMENTS RATIONALIZATION AND ASSET IMPAIRMENTS
The Company recorded rationalization and asset impairment net charges of $6,337 in the nine months ended September 30, 2019. The 2019 charges are primarily related to employee severance, asset impairments and gains or losses on the disposal of assets.
During 2019, the Company initiated rationalization plans within International Welding. The plans include headcount restructuring and the consolidation of manufacturing operations to better align the cost structure with economic conditions and operating needs. At September 30, 2019, liabilities of $1,903 were recognized in Other current liabilities in the Company's Condensed Consolidated Balance Sheet.
During 2018, the Company initiated rationalization plans within International Welding. The plans include headcount restructuring and the consolidation of manufacturing operations to better align the cost structure with economic conditions and operating needs. At September 30, 2019, liabilities of $528 were recognized in Other current liabilities in the Company's Condensed Consolidated Balance Sheet.
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 rationalization liabilities:
 
Nine Months Ended September 30, 2019
Balance, December 31, 2018
$
11,192

Payments and other adjustments
(14,029
)
Charged to expense
5,268

Balance, September 30, 2019
$
2,431