Note 4:

Restructuring

Restructuring Programs 2014 to 2016

The Company announced a restructuring program in the Industrials segment in the third quarter of 2014 and that program was revised and expanded during the second quarter of 2016. In 2016, the Company also announced restructuring programs impacting the Energy and Medical segments. These restructuring programs were substantially completed as of December 31, 2017. Through December 31, 2017, $48.0 million had been charged to expense through “Other operating expense, net” in the Consolidated Statements of Operations ($38.5 million for Industrials, $6.3 million for Energy and $3.2 million for Medical). The Company does not anticipate any material future expense related to these restructuring programs and any remaining liabilities will be paid as contractually obligated. The activity associated with these restructuring programs for the year ended December 31, 2018 was not material.

The following table summarizes the activity associated with these restructuring programs for the year ended December 31, 2017.

Balance as of December 31, 2016	$	20.9
Charged to expense - termination benefits		2.4
Charged to expense - other		2.9
Payments		(20.6	)
Other, net		1.1
Balance as of December 31, 2017	$	6.7

As of December 31, 2018, restructuring reserves of $1.3 million related to these programs are included in “Accrued liabilities” and restructuring reserves of $0.1 million are included in “Other liabilities” in the Consolidated Balance Sheets. As of December 31, 2017, restructuring reserves of $6.5 million related to these programs were included in “Accrued liabilities” and restructuring reserves of $0.2 million were included in “Other liabilities” in the Consolidated Balance Sheets.

Restructuring Program 2018

In the third quarter of 2018 the Company announced a restructuring program that primarily involves workforce reductions and facility consolidation. These actions continued in the fourth quarter and the Company expects additional restructuring activity in the first half of 2019 focused on targeted workforce optimization within general and administrative back-office and manufacturing overhead as well as continued facility consolidation. For the year ended December 31, 2018, $12.7 million was charged to expense through “Other operating expense, net” in the Consolidated Statements of Operations ($7.2 million for Industrials, $3.6 million for Energy, $1.2 million for Medical and $0.7 million for Corporate).

The following table summarizes the activity associated with this restructuring program for the year ended December 31, 2018.

Balance as of December 31, 2017	$	-
Charged to expense - termination benefits		11.5
Charged to expense - other		1.2
Payments		(4.1	)
Other, net		0.2
Balance as of December 31, 2018	$	8.8

As of December 31, 2018, restructuring reserves of $8.8 million related to these programs are included in “Accrued liabilities” in the Consolidated Balance Sheets.