Business Reorganizations

9 Months Ended

Sep. 30, 2018

Restructuring and Related Activities [Abstract]

Business Reorganizations

Business Reorganizations

In 2017, the Company authorized the closure and consolidation of two production facilities (the "Closures") including a FOBOHA facility located in Muri, Switzerland and an Associated Spring facility into other facilities included within the Industrial segment to leverage capacity, infrastructure and critical resources. During the first nine months of 2017, the Closures resulted in employee severance charges of $3,756 and other Closure costs of $2,299, primarily related to asset write-downs, and pension curtailment and settlement gains of $7,217 and $230, respectively. The employee severance charges and other Closure costs were recorded primarily within Cost of Sales and the pension curtailment and settlement gains were recorded within Other Expense (Income) in the accompanying Consolidated Statements of Income. All charges are reflected in the results of the Industrial segment. The Muri Closure was completed as of December 31, 2017, whereas the Closure at the Associated Spring facility was completed as of June 30, 2018. The remaining severance liability of $204 at September 30, 2018 is included within accrued liabilities and is expected to be paid in 2018.