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Restructuring Expenses and Asset Impairments

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring Expenses and Asset Impairments

Restructuring Expenses and Asset Impairments

From time to time, the Company incurs expenses to facilitate long-term sustainable growth through cost reduction actions, consisting of employee reductions, facility rationalization and contract termination costs. These 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.

2023 Initiative

During the three and six months ended June 30, 2023, the Company incurred severance costs related to employee reductions as well as asset impairment charges.

Pre-tax restructuring expenses and asset impairments by segment for the three and six months ended June 30, 2023 were as follows:

						Three Months Ended June 30, 2023
						Severance Costs						Exit Costs						Asset Impairments						Total
Fluid & Metering Technologies						$	0.1					$	—					$	0.5					$	0.6
Health & Science Technologies						2.7						—						—						2.7
Fire & Safety/Diversified Products						0.3						—						—						0.3
Corporate/Other						—						—						—						—
Restructuring expenses and asset impairments						$	3.1					$	—					$	0.5					$	3.6

						Six Months Ended June 30, 2023
						Severance Costs						Exit Costs						Asset Impairments						Total
Fluid & Metering Technologies						$	0.2					$	—					$	0.5					$	0.7
Health & Science Technologies						3.0						—						—						3.0
Fire & Safety/Diversified Products						0.4						—						—						0.4
Corporate/Other						—						—						—						—
Restructuring expenses and asset impairments						$	3.6					$	—					$	0.5					$	4.1

2022 Initiative

During the three and six months ended June 30, 2022, the Company primarily incurred severance costs 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 Impairments						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						—						—						—						—
Restructuring expenses and asset impairments						$	2.3					$	0.3					$	0.2					$	2.8

						Six Months Ended June 30, 2022
						Severance Costs						Exit Costs						Asset Impairments						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
Restructuring expenses and asset impairments						$	2.9					$	0.3					$	0.2					$	3.4

Restructuring accruals reflected in Accrued expenses in the Company’s Condensed Consolidated Balance Sheets are as follows:

			Restructuring Initiatives
Balance at January 1, 2023			$	1.4
Restructuring expenses			3.6
Payments, utilization and other			(3.2)
Balance at June 30, 2023			$	1.8

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- References

No definition available.

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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
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//420/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2

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