XML 40 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
Accrued Liabilities (Tables)
 6 Months Ended
Jun. 30, 2017
Accrued Liabilities [Abstract]  
Schedule of Accrued Liabilities [Table Text Block]
Accrued liabilities in the Condensed Consolidated Balance Sheets consisted of the following:

 
June 30, 2017
 
December 31, 2016
 
(In thousands)
Accrued payroll
$
104,151

 
$
102,960

Accrued taxes
37,688

 
38,367

Accrued asbestos-related liability
53,377

 
51,166

Warranty liability - current portion
29,926

 
30,710

Accrued restructuring liability - current portion
6,586

 
13,184

Accrued third-party commissions
12,565

 
8,697

Other
92,937

 
99,274

Accrued liabilities
$
337,230

 
$
344,358
Schedule of Product Warranty Liability [Table Text Block]
The activity in the Company’s warranty liability consisted of the following:
 
Six Months Ended
 
June 30, 2017
 
July 1, 2016
 
(In thousands)
Warranty liability, beginning of period
$
31,721

 
$
37,407

Accrued warranty expense
10,049

 
13,750

Changes in estimates related to pre-existing warranties
(291
)
 
2,322

Cost of warranty service work performed
(12,319
)
 
(16,839
)
Acquisitions
13

 
—

Foreign exchange translation effect
1,215

 
705

Warranty liability, end of period
$
30,388

 
$
37,345
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]
A summary of the activity in the Company’s restructuring liability included in Accrued liabilities and Other liabilities in the Condensed Consolidated Balance Sheets is as follows:
 
Six Months Ended June 30, 2017
 
Balance at Beginning of Period
 
Provisions
 
Payments
 
Foreign Currency Translation
 
Balance at End of Period(3)
 
(In thousands)
Restructuring and other related items:
 
 
 
 
 
 
 
 
 
Gas and Fluid Handling:
 
 
 
 
 
 
 
 
 
Termination benefits(1)
$
6,776

 
$
6,128

 
$
(8,704
)
 
$
434

 
$
4,634

Facility closure costs(2)
1,714

 
(9,166
)
 
8,042

 
(1
)
 
589

 
8,490

 
(3,038
)
 
(662
)
 
433

 
5,223

Fabrication Technology:
 
 
 
 
 
 
 
 
 
Termination benefits(1)
3,712

 
3,438

 
(6,020
)
 
70

 
1,200

Facility closure costs(2)
981

 
3,043

 
(3,873
)
 
11

 
162

 
4,693

 
6,481

 
(9,893
)
 
81

 
1,362

Non-cash charges(2)
 
 
4,128

 
 
 
 
 
 
 
 
 
10,609

 
 
 
 
 
 
Corporate and Other:
 
 
 
 
 
 
 
 
 
Facility closure costs(2)
203

 
—

 
(126
)
 
9

 
86

 
203

 
—

 
(126
)
 
9

 
86

 
$
13,386

 
3,443

 
$
(10,681
)
 
$
523

 
$
6,671

Non-cash charges(2)
 
 
4,128

 
 
 
 
 
 
 
 
 
$
7,571

 
 
 
 
 
 
 
(1) Includes severance and other termination benefits, including outplacement services. The Company recognizes the cost of involuntary termination benefits at the communication date or ratably over any remaining expected future service period. Voluntary termination benefits are recognized as a liability and an expense when employees accept the offer and the amount can be reasonably estimated.
(2) Includes the cost of relocating associates, relocating equipment and lease termination expense in connection with the closure of facilities. During the six months ended June 30, 2017, the Company recorded a gain of approximately $12 million from the sale of a facility in the gas and fluid handling segment and a $4 million non-cash impairment charge for a facility in our fabrication technology segment, that were both previously closed as part of restructuring activities.
(3) As of June 30, 2017, $6.6 million and $0.1 million of the Company’s restructuring liability was included in Accrued liabilities and Other liabilities, respectively.