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Impairment and Restructuring Charges

9 Months Ended

Sep. 30, 2017

Restructuring and Related Activities [Abstract]

Impairment and Restructuring Charges

Note 14 - Impairment and Restructuring Charges

Impairment and restructuring charges by segment are comprised of the following:

For the three months ended September 30, 2017:

	Mobile Industries			Process Industries			Corporate			Total
Severance and related benefit costs	$	1.3		$	—		$	—		$	1.3
Total	$	1.3		$	—		$	—		$	1.3

For the three months ended September 30, 2016:

	Mobile Industries			Process Industries			Corporate			Total
Impairment charges	$	1.2		$	—		$	—		$	1.2
Severance and related benefit costs	2.9			0.4			—			3.3
Exit costs	0.3			0.5			—			0.8
Total	$	4.4		$	0.9		$	—		$	5.3

For the nine months ended September 30, 2017:

	Mobile Industries			Process Industries			Corporate			Total
Severance and related benefit costs	$	3.1		$	0.1		$	—		$	3.2
Exit costs	0.1			—			0.5			0.6
Total	$	3.2		$	0.1		$	0.5		$	3.8

For the nine months ended September 30, 2016:

	Mobile Industries			Process Industries			Corporate			Total
Impairment charges	$	3.8		$	—		$	—		$	3.8
Severance and related benefit costs	7.7			4.9			—			12.6
Exit costs	1.6			0.7			—			2.3
Total	$	13.1		$	5.6		$	—		$	18.7

The following discussion explains the impairment and restructuring charges recorded for the periods presented; however, it is not intended to reflect a comprehensive discussion of all amounts in the tables above.

On September 29, 2016, the Company announced the closure of its bearing plant in Pulaski, Tennessee ("Pulaski"), which is expected to close during the fourth quarter of 2017 and to affect approximately 120 employees. During the three and nine months ended September 30, 2017, the Company recognized severance and related benefit costs of $0.2 million and $1.3 million, respectively, related to this closure. During the three months ended September 30, 2016, the Company recorded severance and related benefit costs of $1.7 million related to this closure. The Company has incurred pretax costs related to this closure of $8.1 million as of September 30, 2017, including rationalization costs recorded in cost of products sold.

In August 2016, the Company completed the consultation process to close the manufacturing operations in Benoni, South Africa ("Benoni") affecting 85 employees. Benoni will continue to recondition bearings and assemble rail bearings. During the three months ended September 30, 2016, the Company recorded impairment charges of $0.5 million and severance and related benefit costs of $0.8 million related to this closure.

On March 17, 2016, the Company announced the closure of its bearing plant in Altavista, Virginia ("Altavista"). The Company completed the closure of this manufacturing facility on March 31, 2017. During the three months ended September 30, 2016, the Company recorded impairment charges of $0.7 million and severance and related benefit costs of $0.2 million related to this closure. During the nine months ended September 30, 2016, the Company recorded impairment charges of $3.1 million and severance and related benefit costs of $1.7 million in connection with this closure. The Company has incurred pretax costs related to this closure of $11.5 million as of September 30, 2017, including rationalization costs recorded in cost of products sold.

During the three months and nine months ended September 30, 2017, the Company recognized $0.7 million and $1.5 million, respectively, of severance and related benefit costs to eliminate approximately 50 positions in the aggregate. The amounts recognized for the three months and nine months ended September 30, 2017 primarily related to the Mobile Industries segment. During the nine months ended September 30, 2016, the Company recognized $7.7 million of severance and related benefit costs to eliminate approximately 175 positions. Of the $7.7 million charge for the first nine months of 2016, $2.9 million related to the Mobile Industries segment and $4.8 million related to the Process Industries segment.

Consolidated Restructuring Accrual:

The following is a rollforward of the consolidated restructuring accrual for the nine months ended September 30, 2017 and the twelve months ended December 31, 2016:

	September 30, 2017			December 31, 2016
Beginning balance, January 1	$	10.1		$	11.3
Expense	3.8			17.8
Payments	(9.2		)	(19.0		)
Ending balance	$	4.7		$	10.1

The restructuring accruals at September 30, 2017 and December 31, 2016 were included in other current liabilities on the Consolidated Balance Sheets.

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- References

No definition available.

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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