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Restructuring Expenses and Asset Impairments | 12 Months Ended
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Dec. 31, 2020
Restructuring Costs and Asset Impairment Charges [Abstract] |
Restructuring Expenses and Asset Impairments | Restructuring Expenses and Asset Impairments During 2020, 2019 and 2018, the Company incurred restructuring costs to facilitate long-term, sustainable growth through cost reduction actions, consisting of employee reductions, facility rationalization and asset impairments. Restructuring costs include severance benefits, exit costs and asset impairments and are included in Restructuring expenses and asset impairments in the Consolidated Statements of Operations. 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 consist of lease exit and contract termination costs. 2020 Initiative During 2020, the Company recorded pre-tax restructuring expenses and asset impairments totaling $11.8 million related to the 2020 restructuring initiative. These expenses consisted of employee severance related to employee reductions across various functional areas, facility rationalization, contract termination costs and asset impairments. Severance payments will be substantially paid by the end of 2021 using cash from operations. In the fourth quarter of 2020, the Company consolidated certain facilities within the FMT segment, which resulted in an impairment charge of $2.5 million, consisting of $1.6 million related to property, plant and equipment which was not relocated to the new location and $0.9 million related to a building right-of-use asset that was exited early. The Company also relocated its corporate office, which resulted in an impairment charge of $0.6 million, consisting of $0.2 million related to property, plant and equipment which was not relocated to the new location and $0.4 million related to a building right-of-use asset that was exited early. Pre-tax restructuring expenses and asset impairments by segment for the 2020 initiative were as follows:
| Severance Costs |  | Exit Costs |  | Asset Impairments |  | Total
| (In thousands)
Fluid & Metering Technologies | $ | 2,939 |  |  | $ | 165 |  |  | $ | 2,476 |  |  | $ | 5,580 |
Health & Science Technologies | 2,742 |  |  | — |  |  | — |  |  | 2,742 |
Fire & Safety/Diversified Products | 2,524 |  |  | — |  |  | — |  |  | 2,524 |
Corporate/Other | 319 |  |  | — |  |  | 611 |  |  | 930 |
Total restructuring costs | $ | 8,524 |  |  | $ | 165 |  |  | $ | 3,087 |  |  | $ | 11,776 |
2019 Initiative During 2019, the Company recorded pre-tax restructuring expenses and asset impairments totaling $21.0 million related to the 2019 restructuring initiative. These expenses consisted of employee severance related to employee reductions across various functional areas, facility rationalization, contract termination costs and asset impairments. Severance payments were substantially paid by the end of 2020 using cash from operations. In the second quarter of 2019, the Company began to evaluate strategic alternatives for one of its businesses in the HST segment. Prior to making a final decision on the options that were presented for this business, the business was informed in the third quarter of 2019 of the loss of its largest customer. As a result, the Company accelerated its restructuring activities for this business and a decision was made to wind down the business over time. This event required an interim impairment test be performed on the long-lived tangible and intangible assets of the business, which resulted in an impairment charge of $9.7 million, consisting of $6.1 million related to a customer relationships intangible asset, $1.0 million related to an unpatented technology intangible asset, $2.0 million related to property, plant and equipment and $0.6 million related to a building right-of-use asset. In the fourth quarter of 2019, the Company also consolidated one of its facilities into the Optics Center of Excellence in Rochester, New York, which resulted in an impairment charge of $0.4 million related to a building right-of-use asset. These charges were recorded as Restructuring expenses and asset impairments in the Consolidated Statements of Operations. Pre-tax restructuring expenses and asset impairments by segment for the 2019 initiative were as follows:
| Severance Costs |  | Exit Costs |  | Asset Impairments |  | Total
| (In thousands)
Fluid & Metering Technologies | $ | 2,879 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,879 |
Health & Science Technologies | 3,000 |  |  | 1,094 |  |  | 10,155 |  |  | 14,249 |
Fire & Safety/Diversified Products | 1,364 |  |  | — |  |  | — |  |  | 1,364 |
Corporate/Other | 2,552 |  |  | — |  |  | — |  |  | 2,552 |
Total restructuring costs | $ | 9,795 |  |  | $ | 1,094 |  |  | $ | 10,155 |  |  | $ | 21,044 |
2018 Initiative During 2018, the Company recorded pre-tax restructuring expenses and asset impairments totaling $12.1 million related to the 2018 restructuring initiative. These expenses consisted of employee severance related to employee reductions across various functional areas as well as facility rationalization and contract termination costs. Severance payments were fully paid by the end of 2019 using cash from operations. Pre-tax restructuring expenses and asset impairments by segment for the 2018 initiative were as follows:
| Severance Costs |  | Exit Costs |  | Total
| (In thousands)
Fluid & Metering Technologies | $ | 2,305 |  |  | $ | 153 |  |  | $ | 2,458 |
Health & Science Technologies | 5,454 |  |  | 450 |  |  | 5,904 |
Fire & Safety/Diversified Products | 2,184 |  |  | — |  |  | 2,184 |
Corporate/Other | 1,537 |  |  | — |  |  | 1,537 |
Total restructuring costs | $ | 11,480 |  |  | $ | 603 |  |  | $ | 12,083 |
Restructuring accruals of $3.9 million and $6.1 million at December 31, 2020 and 2019, respectively, are reflected in Accrued expenses in our Consolidated Balance Sheets as follows:
| Restructuring Initiatives
| (In thousands)
Balance at January 1, 2019 | $ | 6,170 |
Restructuring expenses | 21,044 |
Payments, utilization and other | (21,104) |
Balance at December 31, 2019 | 6,110 |
Restructuring expenses (1) | 8,837 |
Payments, utilization and other | (11,079) |
Balance at December 31, 2020 | $ | 3,868 |
(1) Excludes $2.9 million of asset impairments related to property, plant and equipment and right-of-use assets.

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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 + Details
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