Restructuring and Disposal of Assets Restructuring and Disposal of Assets

9 Months Ended

Sep. 30, 2018

Restructuring and Disposal of Assets [Abstract]

Restructuring and Disposal of Assets

Restructuring and Disposal of Assets

In the second quarter of 2018, we decided to commence the exit from our industrial gas turbine business in the Sealing Products segment located in Oxford, Massachusetts. We sold the land and building at this location in June 2018, resulting in a realized gain of $21.7 million.  Through September 30, 2018, we have incurred severance expenses of $3.7 million, net tangible asset write downs of $2.9 million and the write-off of customer relationship intangible assets associated with the business of $19.1 million.  These transactions resulted in total net restructuring costs related to the exit of $4.0 million.  These net costs are reflected within other (operating) expense in our Consolidated Statement of Operations aside from inventory-related costs of $2.0 million, which were reflected in costs of sales.  We have incurred substantially all expected costs related to the exit and disposal of the assets as of September 30, 2018.