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Restructuring Expenses

3 Months Ended

Mar. 31, 2019

Restructuring and Related Activities [Abstract]

Restructuring Expenses

RESTRUCTURING EXPENSES

Beginning in 2014 through 2019, the Company announced and initiated several actions to rationalize employee headcount at various manufacturing facilities and various administrative offices located in Europe, South America, China and the United States in order to reduce costs in response to softening global market demand and lower production volumes. The aggregate headcount reduction was approximately 3,890 employees between 2014 and 2018. During the three months ended March 31, 2019, the Company recorded severance and related costs associated with further rationalizations in Europe, China, South America and the United States, in connection with the termination of approximately 30 employees. Restructuring expenses activity during the three months ended March 31, 2019 is summarized as follows (in millions):

	Write-down of Property, Plant and Equipment				Employee Severance				Total
Balance as of December 31, 2018	$	—			$	7.1			$	7.1
First quarter 2019 provision	0.3				1.4				1.7
Less: Non-cash expense	(0.3		)		—				(0.3		)
Cash expense	—				1.4				1.4
First quarter 2019 cash activity	—				(2.6		)		(2.6		)
Foreign currency translation	—				(0.1		)		(0.1		)
Balance as of March 31, 2019	$	—			$	5.8			$	5.8

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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