XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.21.2

RATIONALIZATION AND ASSET IMPAIRMENTS | 6 Months Ended
--- | ---
Jun. 30, 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 $4,793 and $29,759 in the six months ended June 30, 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 June 30, 2021, liabilities of $12,353 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 six months ended June 30, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | International |  | ​
​ | ​ | Americas Welding |  | Welding |  | Consolidated
Balance at December 31, 2020 | ​ | $ | 25 | ​ | $ | 13,597 | ​ | $ | 13,622
Payments and other adjustments | ​ |  | (25) | ​ |  | (7,411) | ​ |  | (7,436)
Charged to expense | ​ |  | — | ​ |  | 6,167 | ​ |  | 6,167
Balance at June 30, 2021 | ​ | $ | — | ​ | $ | 12,353 | ​ | $ | 12,353
​

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_RestructuringImpairmentAndOtherActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration