Restructuring Activities

12 Months Ended

Dec. 31, 2015

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

8. Restructuring Activities

The Company initiated various restructuring programs and incurred severance and other restructuring costs by segment as follows:

	Years Ended December 31,
	2015		2014		2013
Energy (1)	$	30,763	$	7,549	$	(811	)
Engineered Systems	13,302		6,624		3,628
Fluids	4,879		3,784		850
Refrigeration & Food Equipment	5,848		24,897		5,451
Corporate	412		1,954		—
Total	$	55,204	$	44,808	$	9,118
These amounts are classified in the Consolidated Statements of Earnings as follows:
Cost of goods and services	$	21,194	$	19,690	$	5,320
Selling and administrative expenses	34,010		25,118		3,798
Total	$	55,204	$	44,808	$	9,118

(1) In 2013, restructuring charges incurred within the Energy segment included a net gain on the sale of buildings in connection with facility consolidations.

The restructuring charges of $55,204 incurred in 2015 relate to restructuring programs designed to better align the Company's operations with current market conditions through targeted facility consolidations, headcount reductions and other measures to further optimize operations. We expect to fund the remainder of the 2015 programs currently underway over the next 12 to 18 months. Additional programs may be implemented during 2016 with related restructuring charges.

The $55,204 of restructuring charges incurred during 2015 included the following programs:

• The Energy segment incurred restructuring charges of $30,763 related to various programs across the segment focused on workforce reductions and field service consolidations. These programs were initiated to better align cost base with the significantly lower demand environment.

• The Engineered Systems segment recorded $13,302 of restructuring charges relating to headcount reductions across various businesses primarily related to optimization of administrative functions within Printing & Identification and U.S. manufacturing consolidation within Industrials.

• The Fluids segment recorded $4,879 of restructuring charges principally related to reduction in workforce for those businesses serving the Pumps markets. Additional restructuring was completed in the pumps businesses for facility consolidation.

• The Refrigeration & Food Equipment segment recorded restructuring charges of $5,848, primarily related to asset impairment due to exit plans at targeted facilities and headcount reductions.

Restructuring expenses incurred in 2014 and 2013 also included targeted facility consolidations at certain businesses and actions taken to optimize the Company's cost structure.

The following table details the Company’s severance and other restructuring accrual activity:

	Severance			Exit				Total
Balance at December 31, 2012	$	2,687		2,565				$	5,252
Restructuring charges	7,103			2,015				9,118
Payments	(7,001		)	(2,451		)		(9,452		)
Other, including foreign currency	87			337				424
Balance at December 31, 2013	2,876			2,466				5,342
Restructuring charges	23,532			21,276				44,808
Payments	(10,092		)	(5,750		)		(15,842		)
Other, including foreign currency	(958		)	(11,329		)	(1)	(12,287		)
Balance at December 31, 2014	15,358			6,663				22,021
Restructuring charges	32,148			23,056				55,204
Payments	(38,003		)	(12,322		)		(50,325		)
Other, including foreign currency	1,533			(14,442		)	(1)	(12,909		)
Balance at December 31, 2015	$	11,036		$	2,955			$	13,991

(1) Other activity in exit reserves primarily represents the non-cash write-off of inventory and fixed assets in connection with certain facility closures.

The accrual balances at December 31, 2015 primarily reflects restructuring plans initiated during the year, as well as ongoing lease commitment obligations for facilities closed in prior periods.