Impairment and Restructuring Charges

3 Months Ended

Mar. 31, 2017

Restructuring and Related Activities [Abstract]

Impairment and Restructuring Charges

Note 13 - Impairment and Restructuring Charges

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

For the three months ended March 31, 2017:

	Mobile Industries		Process Industries		Corporate		Total
Severance and related benefit costs	$	1.2	$	—	$	—	$	1.2
Exit costs	—		—		0.5		0.5
Total	$	1.2	$	—	$	0.5	$	1.7

For the three months ended March 31, 2016:

	Mobile Industries		Process Industries		Corporate		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

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.

On September 29, 2016, the Company announced the closure of its bearing plant in Pulaski, Tennessee ("Pulaski"), which is expected to close in approximately one year from the announcement date and to affect approximately 120 employees. During the first three months of 2017, the Company recorded severance and related benefit costs of $0.6 million related to this closure. The Company has incurred pretax costs related to this closure of $5.7 million as of March 31, 2017, including rationalization costs recorded in cost of products sold.

On March 17, 2016, the Company announced the closure of its bearing plant in Altavista, Virginia ("Altavista"). The plant was expected to close in approximately one year from the announcement date and the Company completed the closure of this manufacturing facility on March 31, 2017. 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 this closure. The Company has incurred pretax costs related to this closure of $10.6 million as of March 31, 2017, including rationalization costs recorded in cost of products sold.

During the first three months of 2017, the Company recognized $0.7 million of severance and related benefit costs to eliminate approximately 17 positions, in the aggregate. The $0.7 million charge for the first three months of 2017 related to the Mobile Industries segment. During the three months ended March 31, 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.

Consolidated Restructuring Accrual:

The following is a rollforward of the consolidated restructuring accrual for the three months ended March 31, 2017, and the twelve months ended December 31, 2016:

	March 31, 2017			December 31, 2016
Beginning balance, January 1	$	10.1		$	11.3
Expense	1.7			17.8
Payments	(4.3		)	(19.0		)
Ending balance	$	7.5		$	10.1

The restructuring accruals at March 31, 2017, and December 31, 2016, were included in other current liabilities on the Consolidated Balance Sheets.