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Restructuring Activities

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure

9. Restructuring Activities

The Company's restructuring charges by segment were as follows:

			Three Months Ended March 31,
			2021						2020
Engineered Products			$	3,991					$	358
Fueling Solutions			49						1,475
Imaging & Identification			690						256
Pumps & Process Solutions			(17)						3,846
Refrigeration & Food Equipment			1,061						560
Corporate			661						846
Total			$	6,435					$	7,341
These amounts are classified in the Condensed Consolidated Statements of Earnings as follows:
Cost of goods and services			$	3,907					$	1,542
Selling, general and administrative expenses			2,528						5,799
Total			$	6,435					$	7,341

The restructuring expenses of $6,435 incurred during the three months ended March 31, 2021 were primarily the result of restructuring programs initiated in 2020 in response to lower demand conditions, asset charges related to a product line exit and broad-based operational efficiency initiatives focusing on footprint consolidation and IT centralization. Additional programs, beyond the scope of the announced programs, may be implemented during 2021 with related restructuring charges.

The $6,435 of restructuring charges incurred during the first quarter of 2021 primarily included the following items:

•The Engineered Products segment recorded $3,991 of restructuring charges related principally to asset charges related to a product line exit.

•The Fueling Solutions segment recorded $49 of restructuring charges primarily due to headcount reductions.

•The Imaging & Identification segment recorded restructuring charges of $690 principally related to headcount reductions.

•The Pumps & Process Solutions segment recorded $17 of restructuring benefit primarily due to a true-up of facility exit costs.

•The Refrigeration & Food Equipment segment recorded $1,061 of restructuring expense primarily due to headcount reductions and facility restructuring costs.

•Corporate recorded $661 of restructuring charges primarily related to exit costs associated with IT centralization initiatives.

The Company’s severance and exit accrual activities were as follows:

			Severance						Exit						Total
Balance at December 31, 2020			$	10,547					$	4,366					$	14,913
Restructuring charges			2,055						4,380						6,435
Payments			(5,105)						(2,595)						(7,700)
Other, including foreign currency translation			(207)						(4,061)			(1)			(4,268)
Balance at March 31, 2021			$	7,290					$	2,090					$	9,380

(1) Other activity in exit reserves primarily represents asset charges related to a product line exit.

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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