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RATIONALIZATION AND ASSET IMPAIRMENTS | 12 Months Ended
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Dec. 31, 2020
RATIONALIZATION AND ASSET IMPAIRMENTS |
RATIONALIZATION AND ASSET IMPAIRMENTS | NOTE 7 – RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded rationalization and asset impairment net charges of $45,468, $15,188 and $25,285 for the years ended December 31, 2020, 2019 and 2018, 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: 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 December 31, 2020, liabilities of $25 and $12,560 for Americas Welding and International Welding, respectively, were recognized in Other current liabilities in the Company's Consolidated Balance Sheet. The Company does not anticipate significant additional charges related to the completion of these 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. Liabilities related to these plans were substantially paid at December 31, 2020. 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, 2020. 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | International |  | ​
​ | ​ | Americas Welding |  | Welding |  | Consolidated
Balance at December 31, 2018 | ​ | $ | — | ​ | $ | 11,192 | ​ | $ | 11,192
Payments and other adjustments | ​ |  | — | ​ |  | (14,678) | ​ |  | (14,678)
Charged to expense | ​ |  | — | ​ |  | 11,688 | ​ |  | 11,688
Balance, December 31, 2019 | ​ | $ | — | ​ | $ | 8,202 | ​ | $ | 8,202
Payments and other adjustments | ​ |  | (4,712) | ​ |  | (13,501) | ​ |  | (18,213)
Charged to expense | ​ |  | 4,737 | ​ |  | 18,896 | ​ |  | 23,633
Balance, December 31, 2020 | ​ | $ | 25 | ​ | $ | 13,597 | ​ | $ | 13,622
​

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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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