Restructuring Activities

3 Months Ended

Mar. 31, 2016

Restructuring and Related Activities Disclosure

7. Restructuring Activities

The following table details restructuring charges incurred by segment for the periods presented:



	Three Months Ended March 31,
	2016		2015
Energy	$	6,416	$	17,822
Engineered Systems	1,967		4,355
Fluids	5,226		2,097
Refrigeration & Food Equipment	21		(282		)
Corporate	757		111
Total	$	14,387	$	24,103

These amounts are classified in the unaudited Condensed Consolidated Statements of Earnings as follows:

Cost of goods and services	$	5,851	$	7,454
Selling and administrative expenses	8,536		16,649
Total	$	14,387	$	24,103

The restructuring expenses of $14,387 incurred in the three months ended March 31, 2016 related to restructuring programs initiated during 2016 and 2015. These programs are designed to better align the Company's costs and operations with current market conditions through targeted facility consolidations, headcount reductions and other measures to further optimize operations. The Company expects the programs currently underway to be substantially completed in the next twelve to eighteen months.

The $14,387 of restructuring charges incurred during the first quarter of 2016 primarily included the following items:


•	The Energy segment incurred restructuring charges of $6,416 related to various programs across the segment focused on workforce reductions and field and service consolidations. These programs were initiated to better align cost base with the anticipated demand environment.


•	The Engineered Systems segment recorded $1,967 of restructuring charges relating to headcount reductions across various businesses primarily related to optimization of administrative functions within the Printing & Identification platform and U.S. manufacturing consolidation within the Industrial platform.


•	The Fluids segment recorded $5,226 of restructuring charges principally related to headcount reductions and facility consolidations at various businesses across the segment.


•	The Refrigeration and Food Equipment segment and corporate incurred restructuring charges related to headcount reductions.

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



	Severance			Exit			Total
Balance at December 31, 2015	$	11,036		$	2,955		$	13,991
Restructuring charges	10,681			3,706			14,387
Payments	(8,234		)	(1,491		)	(9,725		)
Foreign currency translation	121			40			161
Other, including write-offs of fixed assets and acquired balances	2,458			(1,119		)	1,339
Balance at March 31, 2016	$	16,062		$	4,091		$	20,153

The accrual balance at March 31, 2016 primarily reflects restructuring plans initiated during the year, as well as ongoing lease commitment obligations for facilities closed in earlier periods.