RESTRUCTURING COSTS

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

21. RESTRUCTURING COSTS

During the year ended December 31, 2020, the Corporation executed restructuring activities across all of its segments to support its ongoing effort of improving capacity utilization and operating efficiency. These restructuring activities, which include workforce reductions and consolidation of facilities, resulted in $43 million of pre-tax charges for the year ended December 31, 2020. The Company anticipates that these actions, which have been substantially completed as of December 31, 2020, will result in total cost savings of approximately $40 million annually.

The following tables summarize the respective balances related to these restructuring activities:

In thousands	Restructuring Liability as of December 31, 2019		Provision		Cash Payments		Restructuring Liability as of December 31, 2020
Commercial/Industrial
Severance	$	—	$	12,075	$	(9,796)	$	2,279
Facility closure and other exit costs	—		4,534		(4,057)		477
Total Commercial/Industrial	$	—	$	16,609	$	(13,853)	$	2,756
Defense
Severance	$	—	$	3,150	$	(2,937)	$	213
Facility closure and other exit costs	—		40		(40)		—
Total Defense	$	—	$	3,190	$	(2,977)	$	213
Power
Severance	$	—	$	5,972	$	(2,131)	$	3,841
Facility closure and other exit costs	—		1,357		(1,223)		134
Total Power	$	—	$	7,329	$	(3,354)	$	3,975
Consolidated
Severance	$	—	$	21,197	$	(14,864)	$	6,333
Facility closure and other exit costs	—		5,931		(5,320)		611
Total consolidated	$	—	$	27,128	$	(20,184)	$	6,944

A reconciliation of total pre-tax restructuring charges is as follows:

	Affected line item in the Consolidated Statement of Earnings
		Year ended
(In thousands)		December 31, 2020
Inventory write-downs	Cost of product sales	$	9,184
Severance, facility closure, and other exit costs	Restructuring expenses	27,128
Property, plant, and equipment & operating lease right-of-use asset impairments	Restructuring expenses	4,567
		$	31,695
Pension-related charges	Other income, net	$	1,846
Total restructuring charges	Earnings before income taxes	$	42,725

There were no such comparable charges for the year ended December 31, 2019.