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RATIONALIZATION AND ASSET IMPAIRMENTS | 12 Months Ended
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Dec. 31, 2019
Restructuring and Related Activities [Abstract] |
RATIONALIZATION AND ASSET IMPAIRMENTS | RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded rationalization and asset impairment net charges of $15,188, $25,285 and $6,590 for the years ended December 31, 2019, 2018 and 2017, respectively. The charges are primarily related to employee severance, asset impairments and gains or losses on the disposal of assets. A description of each restructuring plan and the related costs follows: International Welding Plans: During 2019, the Company initiated rationalization plans within International Welding. The plans primarily include headcount restructuring to better align the cost structures with economic conditions and operating needs. At December 31, 2019, liabilities relating to the International Welding plans of $7,905 were recognized in Other current liabilities. The Company does not anticipate significant additional charges related to the completion of these plans. 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 structures with economic conditions and operating needs. Liabilities related to these plans were substantially paid at December 31, 2019. 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:
|  | Consolidated
Balance at December 31, 2017 |  | $ | 6,803 |
Payments and other adjustments |  | (26,874 | )
Charged to expense |  | 31,263 |
Balance at December 31, 2018 |  | $ | 11,192 |
Payments and other adjustments |  | (14,678 | )
Charged to expense |  | 11,688 |
Balance at December 31, 2019 |  | $ | 8,202 |

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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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