RATIONALIZATION AND ASSET IMPAIRMENTS

9 Months Ended

Sep. 30, 2011

RATIONALIZATION AND ASSET IMPAIRMENTS

RATIONALIZATION AND ASSET IMPAIRMENTS

NOTE 5 — RATIONALIZATION AND ASSET IMPAIRMENTS

During 2009, the Company initiated rationalization actions including the consolidation of certain manufacturing operations in the Europe Welding, Asia Pacific Welding and The Harris Products Group segments.  The Company recognized a net charge of $282 for the nine months ended September 30, 2011, composed of a charge of $259 related to activities for employee severance and other related charges and a net charge of $23 related to asset impairments.  At September 30, 2011, a liability relating to these actions of $342 was recognized in “Other current liabilities.”  The Company does not expect any further material costs associated with these actions in 2011 as they were substantially completed in 2010 and are expected to be substantially paid by the end of 2011.

The following table summarizes the activity related to the rationalization liabilities by segment:

	Europe Welding			Asia Pacific Welding			The Harris Products Group			Consolidated
Balance at December 31, 2010	$	411		$	90		$	930		$	1,431
Payments	(320		)	(183		)	(845		)	(1,348		)
Charged to expense	166			93			—			259
Balance at September 30, 2011	$	257		$	—		$	85		$	342