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Restructuring | 9 Months Ended
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Sep. 30, 2013
Restructuring and Related Activities [Abstract] |
Restructuring | Restructuring During 2012, the Company recorded restructuring costs as a part of 2011 restructuring 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 related accruals are included in Accrued expenses in the Consolidated Balance Sheets. Severance costs primarily consist of severance benefits through payroll continuation, COBRA subsidies, outplacement services, conditional separation costs and employer tax liabilities, while exit costs primarily consisted of asset disposals or impairments, the termination of a defined benefit plan, legal costs and relocation charges. During the three and nine months ended September 30, 2012, the Company recorded $7.1 million and $14.6 million, respectively, of pre-tax restructuring expenses related to its 2011 restructuring initiative for employee severance related to employee reductions across various functional areas as well as facility rationalization. The 2011 restructuring initiatives included severance benefits for 226 employees. These initiatives were completed by the end of 2012 and severance payments are expected to be fully paid by December 31, 2013 using cash from operations. Pre-tax restructuring expenses, by segment, for the three months ended September 30, 2012, were as follows:
| Severance Costs |  | Exit Costs |  | Total
| (In thousands)
Fluid & Metering Technologies | $ | 698 |  |  | $ | 26 |  |  | $ | 724 |
Health & Science Technologies | 2,700 |  |  | 475 |  |  | 3,175 |
Fire & Safety/Diversified Products | 450 |  |  | 1,618 |  |  | 2,068 |
Corporate/Other | 1,118 |  |  | — |  |  | 1,118 |
Total restructuring costs | $ | 4,966 |  |  | $ | 2,119 |  |  | $ | 7,085 |
Pre-tax restructuring expenses, by segment, for the nine months ended September 30, 2012, were as follows:
| Severance Costs |  | Exit Costs |  | Total
| (In thousands)
Fluid & Metering Technologies | $ | 3,666 |  |  | $ | 36 |  |  | $ | 3,702 |
Health & Science Technologies | 4,607 |  |  | 1,175 |  |  | 5,782 |
Fire & Safety/Diversified Products | 730 |  |  | 2,910 |  |  | 3,640 |
Corporate/Other | 1,281 |  |  | 199 |  |  | 1,480 |
Total restructuring costs | $ | 10,284 |  |  | $ | 4,320 |  |  | $ | 14,604 |
Restructuring accruals of $0.6 million and $10.9 million at September 30, 2013 and December 31, 2012, respectively, are reflected in Accrued expenses in the Consolidated Balance Sheets as follows:
(In thousands) |
Balance at January 1, 2013 | $ | 10,887 |
Restructuring expenses | — |
Payments/utilization | (10,279 | )
Balance at September 30, 2013 | $ | 608 |

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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 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 Reference 3: 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=27011515&loc=d3e140904-122747 Reference 4: 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 + Details
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