Impairment and Restructuring Charges

3 Months Ended

Mar. 31, 2016

Restructuring and Related Activities [Abstract]

Impairment and Restructuring Charges

Note 11 - Impairment and Restructuring Charges

Impairment and restructuring charges by segment are comprised of the following:

For the three months ended March 31, 2016:

	Mobile Industries		Process Industries		Total
Impairment charges	$	2.6	$	—	$	2.6
Severance and related benefit costs	4.1		3.6		7.7
Exit costs	0.2		—		0.2
Total	$	6.9	$	3.6	$	10.5

For the three months ended March 31, 2015:

	Mobile Industries		Process Industries		Total
Impairment charges	$	0.1	$	2.6	$	2.7
Severance and related benefit costs	0.4		—		0.4
Exit costs	0.1		3.0		3.1
Total	$	0.6	$	5.6	$	6.2

The following discussion explains the impairment and restructuring charges recorded for the periods presented; however, it is not intended to reflect a comprehensive discussion of all amounts in the tables above.

Mobile Industries

On March 17, 2016, the Company announced the closure of its bearing plant in Altavista, Virginia (Altavista). The plant is expected to close in approximately one year, with production transferring to its bearing plant near Lincolnton, North Carolina. During the first three months of 2016, the Company recorded impairment charges of $2.4 million and severance and related benefit costs of $1.3 million related to the closure.

In addition, the Company incurred $0.4 million of severance and related benefit costs related to the rationalization of one of its facilities in Europe during the first three months of 2015.

Process Industries

During the first three months of 2015, the Company recorded $3.0 million of exit costs related to the Company's termination of its relationship with one of its third-party sales representatives in Colombia.

In addition, the Company recorded impairment charges of $2.5 million related to the shutdown of the Company's repair businesses in Niles, Ohio. See Note 15 - Fair Value for additional information on the impairment charges for the repair business.

Workforce Reductions:

During the first three months of 2016, the Company recognized $6.3 million of severance and related benefit costs to eliminate approximately 100 positions. Of the $6.3 million charge for the first three months of 2016, $2.7 million related to the Mobile Industries segment and $3.6 million related to the Process Industries segment.

The following is a rollforward of the consolidated restructuring accrual for the three months ended March 31, 2016 and the twelve months ended December 31, 2015:

	March 31, 2016			December 31, 2015
Beginning balance, January 1	$	11.3		$	9.5
Expense	7.9			11.4
Payments	(6.1		)	(9.6		)
Ending balance	$	13.1		$	11.3

The restructuring accrual at March 31, 2016 and December 31, 2015 was included in other current liabilities on the Consolidated Balance Sheets.