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Restructuring Activities

6 Months Ended

Jun. 30, 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 June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Engineered Products			$	4,339					$	4,160					$	8,330					$	4,518
Fueling Solutions			1,415						911						1,464						2,386
Imaging & Identification			174						(522)						864						(266)
Pumps & Process Solutions			904						4,706						887						8,552
Refrigeration & Food Equipment			2,283						2,213						3,344						2,773
Corporate			321						816						982						1,662
Total			$	9,436					$	12,284					$	15,871					$	19,625
These amounts are classified in the Condensed Consolidated Statements of Earnings as follows:
Cost of goods and services			$	4,839					$	7,557					$	8,746					$	9,099
Selling, general and administrative expenses			4,597						4,727						7,125						10,526
Total			$	9,436					$	12,284					$	15,871					$	19,625

The restructuring expenses of $9,436 and $15,871 incurred during the three and six months ended June 30, 2021 were primarily the result of restructuring programs initiated in 2020 and 2021 in response to 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 $9,436 of restructuring charges incurred during the second quarter of 2021 primarily included the following items:

•The Engineered Products segment recorded $4,339 of restructuring charges related principally to asset charges related to a product line exit.

•The Fueling Solutions segment recorded $1,415 of restructuring charges primarily due to headcount reductions.

•The Imaging & Identification segment recorded restructuring charges of $174 principally related to asset charges of a production plant exit.

•The Pumps & Process Solutions segment recorded $904 of restructuring charges primarily related to headcount reductions.

•The Refrigeration & Food Equipment segment recorded $2,283 of restructuring expense primarily due to headcount reductions.

•Corporate recorded $321 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			6,680						9,191						15,871
Payments			(7,483)						(3,625)						(11,108)
Other, including foreign currency translation			(66)						(6,718)			(1)			(6,784)
Balance at June 30, 2021			$	9,678					$	3,214					$	12,892

(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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