RATIONALIZATION AND ASSET IMPAIRMENTS

The Company recorded rationalization and asset impairment charges of $10,175 in the three months ended March 31, 2018. The 2018 charges include $9,499 primarily related to employee severance and $676 in asset impairment charges. A description of the Company's restructuring plans and the related costs is as follows:

During 2018, the Company initiated rationalization plans within International Welding. The plans include headcount restructuring and the consolidation of manufacturing operations to better align the cost structures with economic conditions and operating needs. At March 31, 2018, liabilities of $7,613 were recognized in Other current liabilities in the Company's Condensed Consolidated Balance Sheet.

During 2017, the Company initiated rationalization plans within International Welding. The plans includes headcount restructuring and the consolidation of manufacturing operations to better align the cost structures with economic conditions and operating needs. At March 31, 2018, liabilities of $1,442 were recognized in Other current liabilities in the Company's Condensed Consolidated Balance Sheet.

As of March 31, 2018, the Company expects additional charges in the range of $3,500 to $4,000 to be recorded related to the completion of the International Welding plans.

The Company believes the rationalization actions will positively impact future results of operations and will not have a material effect on liquidity and sources and uses of capital. The Company continues to evaluate its cost structure and additional rationalization actions may result in charges in future periods. The following table summarizes the activity related to the rationalization liabilities in the International Welding segment:



	Three Months Ended March 31, 2018
Balance, December 31, 2017	$	6,803
Payments and other adjustments	(3,941		)
Charged to expense	9,499
Balance, March 31, 2018	$	12,361