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Restructuring Expenses and Asset Impairments | 6 Months Ended
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Jun. 30, 2022
Restructuring and Related Activities [Abstract] |
Restructuring Expenses and Asset Impairments | Restructuring Expenses and Asset Impairments During the three and six months ended June 30, 2022 and 2021, the Company incurred restructuring costs to facilitate long-term sustainable growth through cost reduction actions, consisting of employee reductions, facility rationalization and contract termination costs. Restructuring costs include severance costs, exit costs and asset impairments and are included in Restructuring expenses and asset impairments in the Condensed Consolidated Statements of Income. 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. 2022 Initiative During the three and six months ended June 30, 2022, the Company incurred restructuring costs primarily related to employee reductions. Pre-tax restructuring expenses and asset impairments by segment for the three and six months ended June 30, 2022 were as follows:
|  | Three Months Ended June 30, 2022
|  | Severance Costs |  | Exit Costs |  | Asset Impairment |  | Total
Fluid & Metering Technologies |  | $ | 1.2 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 1.7 |
Health & Science Technologies |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Fire & Safety/Diversified Products |  | 1.0 |  |  | — |  |  | — |  |  | 1.0 |
Corporate/Other |  | — |  |  | — |  |  | — |  |  | — |
Total restructuring costs |  | $ | 2.3 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 2.8 |
|  | Six Months Ended June 30, 2022
|  | Severance Costs |  | Exit Costs |  | Asset Impairment |  | Total
Fluid & Metering Technologies |  | $ | 1.5 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 2.0 |
Health & Science Technologies |  | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Fire & Safety/Diversified Products |  | 1.0 |  |  | — |  |  | — |  |  | 1.0 |
Corporate/Other |  | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Total restructuring costs |  | $ | 2.9 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 3.4 |
2021 Initiative During the three and six months ended June 30, 2021, the Company incurred severance costs related to employee reductions. In addition, the Company consolidated certain facilities within the FMT segment, which resulted in impairment charges related to property, plant and equipment that was not relocated to the new locations. Pre-tax restructuring expenses and asset impairments by segment for the three and six months ended June 30, 2021 were as follows:
|  | Three Months Ended June 30, 2021
|  | Severance Costs |  | Exit Costs |  | Asset Impairment |  | Total
Fluid & Metering Technologies |  | $ | 1.8 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 1.9 |
Health & Science Technologies |  | 0.5 |  |  | — |  |  | — |  |  | 0.5 |
Fire & Safety/Diversified Products |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Corporate/Other |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |
Total restructuring costs |  | $ | 3.1 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 3.2 |
|  | Six Months Ended June 30, 2021
|  | Severance Costs |  | Exit Costs |  | Asset Impairment |  | Total
Fluid & Metering Technologies |  | $ | 2.6 |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 2.8 |
Health & Science Technologies |  | 1.1 |  |  | — |  |  | — |  |  | 1.1 |
Fire & Safety/Diversified Products |  | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Corporate/Other |  | 1.3 |  |  | — |  |  | — |  |  | 1.3 |
Total restructuring costs |  | $ | 5.2 |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 5.4 |
Restructuring accruals reflected in Accrued expenses in the Company’s Condensed Consolidated Balance Sheets are as follows:
| Restructuring Initiatives
Balance at January 1, 2022 | $ | 2.8 |
Restructuring expenses | 3.2 |
Payments, utilization and other | (3.1) |
Balance at June 30, 2022 | $ | 2.9 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI https://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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