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RATIONALIZATION AND ASSET IMPAIRMENTS | 3 Months Ended
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Mar. 31, 2021
RATIONALIZATION AND ASSET IMPAIRMENTS |
RATIONALIZATION AND ASSET IMPAIRMENTS | NOTE 6 — RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded Rationalization and asset impairment net charges of $4,163 and $6,521 in the three months ended March 31, 2021 and 2020, 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 and 2021, the Company initiated rationalization plans within Americas Welding and International Welding segments. The plans include headcount restructuring and the consolidation of manufacturing operations to better align the Company’s cost structure with economic conditions and operating needs. At March 31, 2021, liabilities of $13,155 for International Welding 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 three months ended March 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | International |  | ​
​ | ​ | Americas Welding |  | Welding |  | Consolidated
Balance at December 31, 2020 | ​ | $ | 25 | ​ | $ | 13,597 | ​ | $ | 13,622
Payments and other adjustments | ​ |  | (25) | ​ |  | (4,545) | ​ |  | (4,570)
Charged to expense | ​ |  | — | ​ |  | 4,103 | ​ |  | 4,103
Balance at March 31, 2021 | ​ | $ | — | ​ | $ | 13,155 | ​ | $ | 13,155
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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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