Restructuring and Other Related Charges

3 Months Ended

Mar. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Other Related Charges

RESTRUCTURING AND OTHER RELATED CHARGES

Restructuring and other related charges as classified in our condensed consolidated statements of income (loss) were as follows:

	Three Months Ended March 31,
(in thousands)	2020		2019
Segment restructuring charges:
Production & Automation Technologies	$	671	$	410
Drilling Technologies	2,095		—
Total	$	2,766	$	410
Statements of Income (Loss) classification:
Cost of goods and services	$	2,039	$	331
Selling, general and administrative expense	727		79
Total	$	2,766	$	410

Restructuring and other related charges during the three months ended March 31, 2020 were due to costs associated with employee severance and related benefits at our Production & Automation Technologies and Drilling Technologies segments. These programs were initiated to better align our costs and operations with current market conditions.

The following table details our restructuring accrual activities during the three months ended March 31, 2020:

(in thousands)	Restructuring Accrual Balance
December 31, 2019	$	130
Restructuring charges	2,766
Payments	(516		)
Other, including foreign currency translation	117
March 31, 2020	$	2,497

Our liability balance for restructuring and other exit activities at March 31, 2020, reflects employee severance and related benefits initiated during the period. Additional programs may be initiated during 2020 with related restructuring charges.