XML 32 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
Impairment and Restructuring Charges
 6 Months Ended
Jun. 30, 2017
Restructuring and Related Activities [Abstract]  
Impairment and Restructuring Charges Note 14 - Impairment and Restructuring Charges
Impairment and restructuring charges by segment are comprised of the following:
 
For the three months ended June 30, 2017:
 
Mobile Industries
Process Industries
Corporate
Total
Severance and related benefit costs
$
0.6

$
0.1

$
—

$
0.7

Exit costs
0.1

—

—

0.1

Total
$
0.7

$
0.1

$
—

$
0.8


For the three months ended June 30, 2016:
 
Mobile Industries
Process Industries
Corporate
Total
Severance and related benefit costs
$
0.7

$
0.9

$
—

$
1.6

Exit costs
1.1

0.2

—

1.3

Total
$
1.8

$
1.1

$
—

$
2.9



For the six months ended June 30, 2017:
 
Mobile Industries
Process Industries
Corporate
Total
Severance and related benefit costs
$
1.8

$
0.1

$
—

$
1.9

Exit costs
0.1

—

0.5

0.6

Total
$
1.9

$
0.1

$
0.5

$
2.5


For the six months ended June 30, 2016:
 
Mobile Industries
Process Industries
Corporate
Total
Impairment charges
$
2.6

$
—

$
—

$
2.6

Severance and related benefit costs
4.8

4.5

—

9.3

Exit costs
1.3

0.2

—

1.5

Total
$
8.7

$
4.7

$
—

$
13.4


The following discussion explains the impairment and restructuring charges recorded for the periods presented; however, it is not intended to reflect a comprehensive discussion of all amounts in the tables above.

On September 29, 2016, the Company announced the closure of its bearing plant in Pulaski, Tennessee ("Pulaski"), which is expected to close at the end of the third quarter of 2017 and to affect approximately 120 employees. During the second quarter and first six months of 2017, the Company recognized severance and related benefit costs of $0.4 million and $1.1 million, respectively, related to this closure. The Company has incurred pretax costs related to this closure of $7.1 million as of June 30, 2017, including rationalization costs recorded in cost of products sold.

On March 17, 2016, the Company announced the closure of its bearing plant in Altavista, Virginia ("Altavista"). The Company completed the closure of this manufacturing facility on March 31, 2017. During the first six months of 2016, the Company recorded impairment charges of $2.4 million and severance and related benefit costs of $1.5 million in connection with this closure. The Company has incurred pretax costs related to this closure of $11.2 million as of June 30, 2017, including rationalization costs recorded in cost of products sold.

During the first six months of 2017, the Company recognized $0.8 million of severance and related benefit costs to eliminate approximately 17 positions in the aggregate. The $0.8 million charge for the first six months of 2017 primarily related to the Mobile Industries segment. During the second quarter and first six months of 2016, the Company recognized $1.2 million and $7.5 million, respectively, of severance and related benefit costs to eliminate approximately 100 positions. Of the $1.2 million charge for the second quarter of 2016, $0.3 million related to the Mobile Industries segment and $0.9 million related to the Process Industries segment. Of the $7.5 million charge for the first six months of 2016, $3.0 million related to the Mobile Industries segment and $4.5 million related to the Process Industries segment.

Consolidated Restructuring Accrual:
The following is a rollforward of the consolidated restructuring accrual for the six months ended June 30, 2017 and the twelve months ended December 31, 2016:
 
June 30,
2017
December 31,
2016
Beginning balance, January 1
$
10.1

$
11.3

Expense
2.5

17.8

Payments
(6.8
)
(19.0
)
Ending balance
$
5.8

$
10.1


The restructuring accruals at June 30, 2017 and December 31, 2016 were included in other current liabilities on the Consolidated Balance Sheets.