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Restructuring Expenses and Asset Impairments | 3 Months Ended
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Mar. 31, 2021
Restructuring and Related Activities [Abstract] |
Restructuring Expenses and Asset Impairments | Restructuring Expenses and Asset ImpairmentsDuring the three months ended March 31, 2021, 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 Condensed 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. In the first quarter of 2021, the Company consolidated certain facilities within the FMT segment, which resulted in an impairment charge of $0.1 million related to property, plant and equipment that was not relocated to the new location Pre-tax restructuring expenses and asset impairments by segment for the three months ended March 31, 2021 were as follows:
|  | Three Months Ended March 31, 2021
|  | Severance Costs |  | Exit Costs |  | Asset Impairment |  | Total
Fluid & Metering Technologies |  | $ | 807 |  |  | $ | — |  |  | $ | 136 |  |  | $ | 943 |
Health & Science Technologies |  | 625 |  |  | — |  |  | — |  |  | 625 |
Fire & Safety/Diversified Products |  | 97 |  |  | — |  |  | — |  |  | 97 |
Corporate/Other |  | 563 |  |  | — |  |  | — |  |  | 563 |
Total restructuring costs |  | $ | 2,092 |  |  | $ | — |  |  | $ | 136 |  |  | $ | 2,228 |
Restructuring accruals of $2.9 million and $3.9 million at March 31, 2021 and December 31, 2020, respectively, are reflected in Accrued expenses in the Company’s Condensed Consolidated Balance Sheets. Severance benefits are expected to be paid by the end of the year using cash from operations. The changes in the restructuring accrual for the three months ended March 31, 2021 are as follows:
| Restructuring
Balance at January 1, 2021 | $ | 3,868 |
Restructuring expenses | 2,228 |
Payments, utilization and other | (3,236) |
Balance at March 31, 2021 | $ | 2,860 |

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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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