Management Actions

6 Months Ended

Jun. 30, 2019

Restructuring and Related Activities [Abstract]

Management Actions

4.

Management Actions

Restructuring Actions

During the first quarter of 2019, we implemented a restructuring action to further our integration efforts related to the IPC Group. The pre-tax charge of $4.3 million consisting of severance was included within Selling and Administrative Expense in the Consolidated Statements of Earnings. The charge impacted our EMEA operating segment. We estimate the savings will offset the pre-tax charge approximately one year from the date of the action.

A reconciliation of the beginning and ending liability balances is as follows:

	Severance and Related Costs
December 31, 2017 balance	$	3.4
2018 charges and utilization:
New charges	1.0
Cash payments	(2.1		)
Foreign currency adjustments	(0.1		)
December 31, 2018 balance	$	2.2
2019 charges and utilization:
New charges	4.3
Cash payments	(0.7		)
June 30, 2019 balance	$	5.8

Other Actions

During the second quarter of 2019, we recorded a $2.7 million write-down of a note receivable related the divestiture of the Green Machine business to adjust the balance to net realizable value. This write-down was recorded in Selling and Administrative Expenses.

During the second quarter of 2019, we made the decision to discontinue the Green Machine and Orbio product lines. We established an inventory reserve and recorded a $2.4 million charge in Cost of Sales to reflect our estimate of inventory that will not be sold.