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RESTRUCTURING AND OTHER CHARGES

3 Months Ended

Mar. 31, 2018

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND OTHER CHARGES

RESTRUCTURING AND OTHER CHARGES

The Company continually evaluates its cost structure to be appropriately positioned to respond to changing market conditions. From time to time, the Company may initiate certain restructuring programs to better utilize its workforce and optimize facility utilization to match demand for its products.

Restructuring

During 2016, the Company established restructuring programs in its Cranes segment to transfer production between existing facilities and close certain facilities in order to maximize labor efficiencies and reduce overhead costs. The programs are expected to cost $56.5 million, result in the reduction of approximately 550 team members and be completed in 2018.

The following table provides information for all restructuring activities by segment regarding the amount of expense incurred during the three months ended March 31, 2018, the cumulative amount of expenses incurred since inception of the programs through March 31, 2018, and the total amount expected to be incurred (in millions):

	Amount incurred during the three months ended March 31, 2018				Cumulative amount incurred through March 31, 2018				Total amount expected to be incurred
AWP	$	—			$	0.2			$	0.2
Cranes	(4.6		)		56.5				56.5
MP	—				0.1				0.1
Corp & Other	0.5				2.6				3.0
Total	$	(4.1	)		$	59.4			$	59.8

The following table provides information by type of restructuring activity with respect to the amount of expense incurred during the three months ended March 31, 2018, the cumulative amount of expenses incurred since inception of the programs and the total amount expected to be incurred (in millions):

	Employee Termination Costs				Facility Exit Costs				Asset Disposal and Other Costs				Total
Amount incurred during the three months ended March 31, 2018	$	(5.1	)		$	1.0			$	—			$	(4.1	)
Cumulative amount incurred through March 31, 2018	$	40.5			$	6.1			$	12.8			$	59.4
Total amount expected to be incurred	$	40.9			$	6.1			$	12.8			$	59.8

During the three months ended March 31, 2018, restructuring charges/(reductions) of ($2.7) million and $(1.4) million, were included in COGS and SG&A, respectively. During the three months ended March 31, 2017, restructuring charges/(reductions) of $(0.6) million and $0.6 million were included in COGS and SG&A, respectively.

The following table provides a roll forward of the restructuring reserve by type of restructuring activity for the three months ended March 31, 2018 (in millions):

	Employee Termination Costs
Restructuring reserve at December 31, 2017	$	29.7
Restructuring reserve increase (decrease)	(5.1		)
Cash expenditures	(6.0		)
Foreign exchange	0.6
Restructuring reserve at March 31, 2018	$	19.2

Other Charges

During the three months ended March 31, 2018, the Company recorded $0.2 million and $1.8 million as components of COGS and SG&A, respectively, for severance charges across all segments and corporate functions. During the three months ended March 31, 2017, the Company recorded $0.1 million and $2.1 million as components of COGS and SG&A, respectively, for severance charges across all segments and corporate functions.

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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
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4)
-URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.P.3)
-URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

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