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Restructuring | 12 Months Ended
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Dec. 31, 2011
Restructuring [Abstract] |
Restructuring |
2. | Restructuring
During 2011 and 2010 the Company recorded restructuring costs as a result of initiatives that support the implementation of key strategic efforts designed to facilitate long-term sustainable growth through cost reduction actions, primarily consisting of employee reductions and facility rationalization. The costs incurred related to these initiatives are included in Restructuring expenses in the Consolidated Statements of Operations while the restructuring accruals are included in Accrued expenses in our Consolidated Balance Sheets. 2011 Initiatives During 2011, the Company recorded $12.3 million of pre-tax restructuring expenses for exit costs and employee severance related to employee reductions across various functional areas as well as facility rationalization. The 2011 restructuring initiative included severance benefits for 292 employees. 2009 Initiatives During 2010, the Company recorded $11.1 million of pre-tax restructuring expenses related to our 2009 restructuring initiative for employee severance related to employee reductions across various functional areas as well as facility closures resulting from the Company's cost savings initiatives. The 2009 restructuring initiative included severance benefits for over 700 employees. Pre-tax restructuring expenses, by segment, for 2011, were as follows:
|  | Severance Costs |  |  | Exit Costs |  |  | Total |
|  | (In thousands) |
Fluid & Metering Technologies |  | $ | 2,800 |  |  | $ | 61 |  |  | $ | 2,861 |
Health & Science Technologies |  |  | 2,007 |  |  |  | 123 |  |  |  | 2,130 |
Dispensing Equipment |  |  | 2,948 |  |  |  | 797 |  |  |  | 3,745 |
Fire & Safety/Diversified Products |  |  | 1,482 |  |  |  | — |  |  |  | 1,482 |
Corporate/Other |  |  | 2,096 |  |  |  | — |  |  |  | 2,096 |
Total restructuring costs |  | $ | 11,333 |  |  | $ | 981 |  |  | $ | 12,314 |
Pre-tax restructuring expenses, by segment, for 2010, were as follows:
|  | Severance Costs |  |  | Exit Costs |  |  | Total |
|  | (In thousands) |
Fluid & Metering Technologies |  | $ | 2,630 |  |  | $ | 320 |  |  | $ | 2,950 |
Health & Science Technologies |  |  | 3,511 |  |  |  | 1,650 |  |  |  | 5,161 |
Dispensing Equipment |  |  | 641 |  |  |  | — |  |  |  | 641 |
Fire & Safety/Diversified Products |  |  | 589 |  |  |  | — |  |  |  | 589 |
Corporate/Other |  |  | 1,754 |  |  |  | — |  |  |  | 1,754 |
Total restructuring costs |  | $ | 9,125 |  |  | $ | 1,970 |  |  | $ | 11,095 |
Pre-tax restructuring expenses, by segment, for 2009, were as follows:
|  | Severance Costs |  |  | Exit Costs |  |  | Total |
|  | (In thousands) |
Fluid & Metering Technologies |  | $ | 2,694 |  |  | $ | 1,364 |  |  | $ | 4,058 |
Health & Science Technologies |  |  | 2,201 |  |  |  | 1,303 |  |  |  | 3,504 |
Dispensing Equipment |  |  | 1,155 |  |  |  | 860 |  |  |  | 2,015 |
Fire & Safety/Diversified Products |  |  | 1,308 |  |  |  | — |  |  |  | 1,308 |
Corporate/Other |  |  | 488 |  |  |  | 706 |  |  |  | 1,194 |
Total restructuring costs |  | $ | 7,846 |  |  | $ | 4,233 |  |  | $ | 12,079
|  | Severance Costs |  |  | Exit Costs |  |  | Total |
|  | (In thousands) |
Fluid & Metering Technologies |  | $ | 2,694 |  |  | $ | 1,364 |  |  | $ | 4,058 |
Health & Science Technologies |  |  | 2,201 |  |  |  | 1,303 |  |  |  | 3,504 |
Dispensing Equipment |  |  | 1,155 |  |  |  | 860 |  |  |  | 2,015 |
Fire & Safety/Diversified Products |  |  | 1,308 |  |  |  | — |  |  |  | 1,308 |
Corporate/Other |  |  | 488 |  |  |  | 706 |  |  |  | 1,194 |
Total restructuring costs |  | $ | 7,846 |  |  | $ | 4,233 |  |  | $ | 12,079 |
Restructuring accruals of $5.9 million and $3.5 million at December 31, 2011 and 2010, respectively, are reflected in Accrued expenses in our Consolidated Balance Sheets as follows:
|  | 2011 Initiative |  |  | 2009 Initiative |  |  | Total |
|  | (In thousands) |
Balance at January 1, 2010 |  | $ | — |  |  | $ | 6,878 |  |  | $ | 6,878 |
Restructuring expenses |  |  | — |  |  |  | 11,095 |  |  |  | 11,095 |
Payments/utilization |  |  | — |  |  |  | (14,430 | ) |  |  | (14,430 | )
Balance at December 31, 2010 |  |  | — |  |  |  | 3,543 |  |  |  | 3,543 |
Restructuring expenses |  |  | 12,314 |  |  |  | — |  |  |  | 12,314 |
Payments/utilization |  |  | (6,439 | ) |  |  | (3,543 | ) |  |  | (9,982 | )
Balance at December 31, 2011 |  | $ | 5,875 |  |  | $ | — |  |  | $ | 5,875 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 146 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140864-122747 + Details
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