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Management Actions | 9 Months Ended
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Sep. 30, 2020
Restructuring and Related Activities [Abstract] |
Management Actions | 4. Management Actions Restructuring Actions In the third quarter of 2020, we implemented a restructuring action to consolidate our Gaomei business and our existing China business in order to deliver cost synergies and improve our profitability. The pre-tax charge of $1.6 million in the first nine months of 2020 consisted of $1.3 million of severance-related costs and $0.3 million of other costs, all of which were recorded in the third quarter of 2020. Of the restructuring costs, $0.5 million were included in Cost of Sales and $1.1 million in Selling and Administrative Expense in the Consolidated Statements of Earnings. We expect to incur up to $2.9 million of costs related to this restructuring. The charge impacted our Asia Pacific (APAC) operating segment. We estimate the savings will offset the pre-tax charge approximately one year from the date of the action. In the first quarter of 2020, we implemented a restructuring action in an effort to streamline our operating model in Japan. The pre-tax charge of $1.6 million in the first nine months of 2020 consisted of $1.1 million of severance-related costs and $0.5 million of other costs, of which $0.1 million was recorded in the third quarter of 2020. Of the restructuring costs, $0.1 million were included in Cost of Sales and $1.5 million in Selling and Administrative Expense in the Consolidated Statements of Earnings. We expect to incur up to $2 million of costs related to this restructuring. The charge impacted our Asia Pacific (APAC) operating segment. We estimate the savings will offset the pre-tax charge approximately one year from the date of the action. During 2019, we implemented a restructuring action to further our integration efforts related to the IPC Group. The pre-tax charge of $4.8 million consisted of severance, with $0.3 million in Cost of Sales and $4.5 million in Selling and Administrative Expense in the Consolidated Statements of Earnings. The charge impacted our Europe, Middle East and Africa (EMEA) as well as our Americas operating segments. We expect no further charges related to this restructuring action. We estimate the savings have offset the pre-tax charges incurred to date. A reconciliation of the beginning and ending liability balances is as follows:
|  | Severance and Related Costs
December 31, 2018 balance |  | $ | 2.2 |
2019 charges and utilization: |  |
New charges |  | 6.1 |
Cash payments |  | (2.5 | )
Adjustments to accrual |  | (1.3 | )
December 31, 2019 balance |  | $ | 4.5 |
2020 charges and utilization: |  |
New charges |  | 2.4 |
Cash payments |  | (4.2 | )
Foreign currency fluctuations |  | 0.1 |
Adjustment to accrual |  | (0.5 | )
September 30, 2020 balance |  | $ | 2.3 |
Other Actions In 2019, we made the decision to discontinue certain product lines. During the nine months ended September 30, 2020, we recorded an additional $1.7 million in Cost of Sales in the Consolidated Statements of Earnings to reflect our estimate of inventory that will not be sold, all of which was recorded in the first quarter of 2020.

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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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