Impairment and Restructuring Charges

9 Months Ended

Sep. 30, 2017

Impairment and Restructuring Charges

11. Impairment and Restructuring Charges

We recorded impairment and restructuring charges of $2.1 million and $2.4 million in the three months and nine months ended September 30, 2017, respectively, compared to $67.3 million in the comparable 2016 periods. The 2016 charges mainly related to certain of our energy-related businesses as a result of the impact to our business from continued low crude oil prices that reduced drilling activity and the resulting decline in demand for the products we sell to the energy market (oil and gas).

The impairment and restructuring charges (credits) consisted of the following:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
	(in millions)
Property, plant and equipment	$	2.8	$	15.3	$	2.8	$	15.3
Intangible assets, net		—		36.4		—		36.4
Total impairment charges		2.8		51.7		2.8		51.7
Restructuring––cost of sales		—		11.7		(0.2)		11.7
Restructuring––warehouse, delivery, selling, general and administrative expense		(0.7)		2.9		(0.2)		2.9
Restructuring––non-operating expense		—		1.0		—		1.0
Total impairment and restructuring charges	$	2.1	$	67.3	$	2.4	$	67.3