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RATIONALIZATION AND ASSET IMPAIRMENTS | 9 Months Ended
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Sep. 30, 2020
Restructuring and Related Activities [Abstract] |
RATIONALIZATION AND ASSET IMPAIRMENTS | RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded Rationalization and asset impairment net charges of $36,016 and $6,337 in the nine months ended September 30, 2020 and 2019, respectively. The charges are primarily related to employee severance, non-cash asset impairments of long-lived assets and gains or losses on the disposal of assets. During 2020, the Company initiated rationalization plans within Americas Welding and International Welding segments. The plans include headcount restructuring and the consolidation of manufacturing facilities to better align the cost structure with economic conditions and operating needs. At September 30, 2020, liabilities of $218 and $6,592 for Americas Welding and International Welding, respectively, were recognized in Other current liabilities in the Company's Condensed Consolidated Balance Sheet. 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, 2020, liabilities of $4,934 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 for the nine months ended September 30, 2020:
|  |  |  |  | Americas Welding |  | International Welding |  | Consolidated
Balance, December 31, 2019 |  |  |  |  | $ | — |  |  | $ | 8,202 |  |  | $ | 8,202 |
Payments and other adjustments |  |  |  |  | (5,367) |  |  | (5,180) |  |  | (10,547) |
Charged to expense |  |  |  |  | 5,585 |  |  | 8,504 |  |  | 14,089 |
Balance, September 30, 2020 |  |  |  |  | $ | 218 |  |  | $ | 11,526 |  |  | $ | 11,744 |

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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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