Business Reorganization

6 Months Ended

Jun. 30, 2017

Restructuring and Related Activities [Abstract]

In June 2017, the Company authorized the closure and consolidation of two production facilities ("the Closures") including a FOBOHA facility located in Muri, Switzerland (60 employees) and an Associated Spring facility (30 employees) into other facilities included within the Industrial segment to leverage capacity, infrastructure and critical resources. The Company recorded a net pre-tax gain of $1,652 in the second quarter of 2017 related to the Closures. This balance includes pension curtailment and settlement gains of $7,217 and $230, respectively, partially offset by employee severance charges of $3,931 and other Closure costs of $1,864, primarily related to asset write-downs. The severance liability was included within Accrued Liabilities as of June 30, 2017. The Company also expects to incur additional costs of approximately $2,000 in 2017 related to the Closures, including costs related to the transfer of work to other existing facilities. Closure costs are recorded primarily within Cost of Sales in the accompanying Consolidated Statements of Income and are reflected in the results of the Industrial segment.

The following table sets forth the change in the liability for the 2017 employee termination actions:




January 1, 2017	$	—
Employee termination benefit costs	3,931
Payments	—
June 30, 2017	$	3,931

The majority of this balance is expected to be paid in 2017.