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Restructuring and Other Items, net | 6 Months Ended
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Jun. 30, 2019
Restructuring and Other Items, net [Abstract] |
Restructuring and Other Items, net | Note 6. Restructuring and Other Items, net During the second quarter of 2019, the Company initiated a restructuring and cost savings program to better align our costs and organizational structure with the current market environment. The Company recorded a $7.5 million non-cash impairment of assets charge related to facilities no longer operating and underutilization of certain equipment, and $5.7 million in other restructuring costs in the second quarter of 2019. The Company expects to realize annualized savings from this restructuring program of approximately $12 million by the first half of 2020. The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income and the segments they relate to for the three months ended June 30, 2019:
(millions of dollars) |  | June 30, 2019 |
Impairment of assets |  |  |
Performance Materials |  | $ | 4.2 |
Specialty Minerals |  |  | 1.6 |
Energy Services |  |  | 1.7 |
Total impairment of assets charges |  | $ | 7.5 |
Severance and other related costs |  |  |  |
Performance Materials |  | $ | 2.8 |
Specialty Minerals |  |  | 0.9 |
Refractories |  |  | 0.8 |
Energy Services |  |  | 0.1 |
Corporate |  |  | 1.1 |
Total severance and other related costs |  | $ | 5.7 |
Total restructuring and other items, net |  | $ | 13.2 |
At June 30, 2019, the Company had $7.1 million included within accrued liabilities in the Condensed Consolidated Balance Sheet for cash expenditures needed to satisfy remaining obligations under workforce reduction initiatives. The Company expects to pay these amounts by the first half of 2020. The following table is a reconciliation of our restructuring liability balance as of June 30, 2019:
(millions of dollars) |  |  |
Restructuring liability, December 31, 2018 |  | $ | 2.5 |
Additional provisions |  |  | 5.7 |
Cash payments |  |  | (1.1 | )
Restructuring liability, June 30, 2019 |  | $ | 7.1 |

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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 + Details
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