Restructuring Activities

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

12. Restructuring Activities

The Company initiated various restructuring programs and incurred severance and other restructuring costs by segment as follows:


	Years Ended December 31,
	2020		2019		2018
Engineered Products	$	10,307	$	3,155	$	7,158
Fueling Solutions	6,681		4,943		15,478
Imaging & Identification	5,946		6,426		13,882
Pumps & Process Solutions	13,374		5,666		10,266
Refrigeration & Food Equipment	4,015		3,671		3,475
Corporate	4,145		2,961		8,244
Total	$	44,468	$	26,822	$	58,503
These amounts are classified in the Consolidated Statements of Earnings as follows:
Cost of goods and services	$	18,895	$	8,910	$	16,921
Selling, general and administrative expenses	25,573		17,912		41,582

Total	$	44,468	$	26,822	$	58,503

Total restructuring charges of $44,468 incurred during the year ended December 31, 2020, were a result of restructuring programs initiated primarily in 2020. Restructuring expense was comprised primarily of new actions executed in response to lower demand driven by COVID-19 as well as continuing broad-based selling, general and administrative expense reduction initiatives and broad-based operational efficiency initiatives focusing on footprint consolidation, and operational optimization and IT centralization. Additional programs, beyond the scope of the announced programs may be implemented during 2021 with related restructuring charges.

The $44,468 of restructuring charges incurred during 2020 included the following programs:

•The Engineered Products segment recorded $10,307 of restructuring charges related to programs across the segment focused on headcount reductions and other asset charges.

•The Fueling Solutions segment recorded $6,681 of restructuring charges principally related to headcount reductions and facility restructuring costs.

•The Imaging & Identification segment recorded $5,946 of restructuring charges principally related to headcount reductions and facility restructuring costs.

•The Pumps & Process Solutions segment recorded $13,374 of restructuring charges principally related to headcount reductions, facility restructuring costs and other asset charges.

•The Refrigeration & Food Equipment segment recorded $4,015, of restructuring charges primarily due to headcount reductions and facility restructuring costs.

•Corporate recorded $4,145 of restructuring charges primarily related to headcount reductions and associated exit costs related to IT centralization initiatives.

Restructuring expenses incurred in 2019 and 2018 also included headcount reduction, targeted facility consolidations at certain businesses and actions taken to optimize the Company's cost structure.

The following table details the Company’s severance and other restructuring accrual activities:


	Severance		Exit			Total
Balance at January 1, 2018	$	24,955	$	6,316		$	31,271
Restructuring charges	45,146		13,357			58,503
Payments	(43,287)		(8,713)			(52,000)
Other, including foreign currency translation	(2,530)		(7,080)		(1)	(9,610)
Balance at December 31, 2018	24,284		3,880			28,164
Restructuring charges	20,271		6,551			26,822
Payments	(29,887)		(3,383)			(33,270)
Other, including foreign currency translation	(917)		(4,409)		(1)	(5,326)
Balance at December 31, 2019	13,751		2,639			16,390
Restructuring charges	25,716		18,752			44,468
Payments	(29,768)		(6,035)			(35,803)
Other, including foreign currency translation	848		(10,990)		(1)	(10,142)
Balance at December 31, 2020	$	10,547	$	4,366		$	14,913

(1) Other activity in exit reserves primarily represents the non-cash write-off of certain long-lived assets and inventory in connection with certain facility closures and product exits.

The restructuring accrual balances at December 31, 2020 primarily reflect restructuring plans initiated during the year.