Note 4:

Restructuring

Industrials Restructuring Program

During the second quarter of 2016, the Company revised and expanded the restructuring program in the Industrials segment (“Industrials restructuring program”) announced in the third quarter of 2014. The revised program maintains the focus on rationalizing the European manufacturing footprint of the Industrials segment, including the consolidation of manufacturing and distribution operations in Europe and the relocation of certain production to China. The revised program also included employee and other actions designed to reduce selling, administrative, and other expenses. The Company expects to generate significant cost savings from these efforts.

The Industrials restructuring program has been substantially completed and through December 31, 2017, $38.5 million has been charged to expense through “Other operating expense, net” in the Consolidated Statements of Operations. The Company does not anticipate any material future expense related to the Industrials restructuring program, any remaining liabilities will be paid as contractually obligated. In the second quarter of 2016, a $1.5 million charge was made for the impairment of a trademark that was discontinued and was included in “Impairment of other intangible assets” in the Consolidated Statements of Operations.

Energy Restructuring Program

In the fourth quarter of 2016, the Company committed to a restructuring program in the Energy segment (“Energy restructuring program”) to rationalize manufacturing facilities and to otherwise reduce operating costs. Actions included employee reductions primarily in North America, Europe and China and the closure of a production facility in North America. The Company expects to generate significant cost savings from these actions.

The Energy restructuring program has been substantially completed and through December 31, 2017, $6.3 million has been charged to expense through “Other operating expense, net” in the Consolidated Statements of Operations. The Company does not anticipate any material future expense related to the Energy restructuring program, any remaining liabilities will be paid as contractually obligated.

Medical Restructuring Program

In the fourth quarter of 2016, the Company committed to a restructuring program in the Medical segment (“Medical restructuring program”) to rationalize manufacturing facilities and to otherwise reduce operating costs. Actions included employee reductions primarily in North America, Europe, and China and the closure of a production facility in North America. The Company expects to generate significant cost savings from these actions.

The Medical restructuring program has been substantially completed and through December 31, 2017, $3.2 million has been charged to expense through “Other operating expense, net” in the Consolidated Statements of Operations. The Company does not anticipate any material future expense related to the Medical restructuring program, any remaining liabilities will be paid as contractually obligated.

The following table summarizes the activity associated with the Company’s restructuring programs by segment for the years ended December 31, 2017, 2016 and 2015, respectively.

	Industrials Program			Energy Program			Medical Program			Total
Balance at December 31, 2014	$	2.5		$	-		$	-		$	2.5
Charged to expense - termination benefits		3.8			-			-			3.8
Charged to expense - other		0.9			-			-			0.9
Payments		(5.1	)		-			-			(5.1	)
Other, net		(0.1	)		-			-			(0.1	)
Balance at December 31, 2015	$	2.0		$	-		$	-		$	2.0
Charged to expense - termination benefits		21.0			4.9			4.2			30.1
Charged to expense - other		2.0			0.8			-			2.8
Payments		(13.3	)		(0.3	)		-			(13.6	)
Other, net		(0.6	)		0.2			-			(0.4	)
Balance at December 31, 2016	$	11.1		$	5.6		$	4.2		$	20.9
Charged to expense - termination benefits		3.6			(0.1	)		(1.1	)		2.4
Charged to expense - other		2.1			0.7			0.1			2.9
Payments		(13.2	)		(4.9	)		(2.5	)		(20.6	)
Other, net		0.7			-			0.4			1.1
Balance at December 31, 2017	$	4.3		$	1.3		$	1.1		$	6.7

As of December 31, 2017, restructuring reserves of $6.5 million were included in “Accrued liabilities” and restructuring reserves of $0.2 million were included in “Other liabilities” in the Consolidated Balance Sheets. As of December 31, 2016, restructuring reserves of $20.2 million were included in “Accrued liabilities” and restructuring reserves of $0.7 million were included in “Other liabilities” in the Consolidated Balance Sheets.