Restructuring and Other Exit Costs (Notes)

3 Months Ended

Mar. 31, 2019

Restructuring and Related Activities [Abstract]

Restructuring and Other Exit Costs

Restructuring and Other Exit Costs

During the first quarter of 2019, the company approved and initiated certain restructuring activities designed to optimize costs and improve operational efficiency, primarily related to the Stork business. Restructuring charges initiated during the first quarter of 2019 totaling $27 million, primarily severance, were recorded as “Restructuring and other exit costs” in the Condensed Consolidated Statement of Earnings.

A reconciliation of the beginning and ending restructuring liability is as follows:

(in thousands)	Severance			Lease Exit Costs		Other			Total
Balance as of January 1, 2019	$	—		$	—	$	—		$	—
Restructuring charges incurred during the period	27,060			—		308			27,368
Cash payments / settlements during the period	(1,655		)	—		(255		)	(1,910		)
Currency translation	(230		)	—		—			(230		)
Balance as of March 31, 2019	$	25,175		$	—	$	53		$	25,228

During the second quarter of 2019, the company approved and initiated additional restructuring activities related to Stork, which are expected to be completed in 2019.