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RATIONALIZATION AND ASSET IMPAIRMENTS | 3 Months Ended
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Mar. 31, 2023
RATIONALIZATION AND ASSET IMPAIRMENTS |
RATIONALIZATION AND ASSET IMPAIRMENTS | ​ ​ NOTE 6 — RATIONALIZATION AND ASSET IMPAIRMENTS The Company has rationalization plans within the International Welding segment. 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, 2023, liabilities of $1,606 for International Welding were recognized in Other current liabilities in the Company’s Condensed Consolidated Balance Sheet. The Company does not anticipate significant additional charges related to the completion of these plans. The Company recorded Rationalization and asset impairment net charges of $877 and charges of $1,885 in the three months ended March 31, 2023 and 2022, respectively. The charges are primarily related to restructuring activities. 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, 2023: ​
​ | ​ | ​ | ​
​ |  | ​
​ |  | Consolidated
Balance at December 31, 2022 | ​ | $ | 2,207
Payments and other adjustments | ​ |  | (1,478)
Charged to expense | ​ |  | 877
Balance at March 31, 2023 | ​ | $ | 1,606
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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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