Business Reorganizations

12 Months Ended

Dec. 31, 2017

Restructuring and Related Activities [Abstract]

In the second quarter of 2017, the Company authorized the closure and consolidation of two production facilities (the "Closures") including a FOBOHA facility located in Muri, Switzerland (60 employees) and an Associated Spring facility (30 employees) into other facilities included within the Industrial segment to leverage capacity, infrastructure and critical resources. The Company recorded a net pre-tax loss of $13 in 2017 related to the Closures. This balance includes employee severance charges of $3,796 and other Closure costs of $3,664, primarily related to asset write-downs and costs to transfer work to other

existing facilities, almost fully offset by pension curtailment and settlement gains of $7,217 and $230, respectively. The Muri Closure was completed as of December 31, 2017, whereas the Closure at the Associated Spring facility is expected to be completed in the first half of 2018. The remaining severance liability, which is expected to be paid in 2018, was included within accrued liabilities as of December 31, 2017. Closure costs are recorded primarily within cost of sales in the accompanying Consolidated Statements of Income and are reflected in the results of the Industrial segment.

The following table sets forth the change in the liability for the 2017 employee termination actions:



January 1, 2017	$	—
Employee severance costs	3,796
Payments	(3,099		)
Foreign currency translation	(48		)
December 31, 2017	$	649