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Restructuring Expenses and Asset Impairments | 3 Months Ended
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Mar. 31, 2025
Restructuring Costs and Asset Impairment Charges [Abstract] |
Restructuring Expenses and Asset Impairments | Restructuring Expenses and Asset Impairments Restructuring expenses generally represent expenses incurred by the Company 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, employer tax liabilities and related legal costs, while exit costs primarily consist of lease exit and contract termination costs. 2025 Initiative During the three months ended March 31, 2025, the Company incurred severance costs related to organizational changes, primarily designed to connect scalable groups of businesses, which resulted in a reduction of headcount. Additionally, the Company eliminated certain management layers in select areas. These changes are expected to enable the Company to self-fund more growth resources, increase sourcing productivity, improve agility and speed of decision making and position the Company closer to the customer for maximum impact. There were no exit costs or asset impairments incurred during the three months ended March 31, 2025. Pre-tax restructuring expenses and asset impairments by segment for the three months ended March 31, 2025 were as follows:
|  | Severance Costs
Fluid & Metering Technologies |  | $ | 4.2 |
Health & Science Technologies |  | 11.4 |
Fire & Safety/Diversified Products |  | 1.6 |
Corporate/Other |  | 0.3 |
Restructuring expenses and asset impairments |  | $ | 17.5 |
The Company expects to incur an additional $3.5 million to $7.5 million of restructuring charges for severance related to these actions during the remainder of 2025. 2024 Initiative During the three months ended March 31, 2024, the Company incurred severance costs related to employee reductions in conjunction with cost mitigation efforts as a result of market conditions. There were no exit costs or asset impairments incurred during the three months ended March 31, 2024. Pre-tax restructuring expenses and asset impairments by segment for the three months ended March 31, 2024 were as follows:
|  | Severance Costs
Fluid & Metering Technologies |  | $ | 0.5 |
Health & Science Technologies |  | 0.5 |
Fire & Safety/Diversified Products |  | — |
Corporate/Other |  | 0.1 |
Restructuring expenses and asset impairments |  | $ | 1.1 |
Restructuring accruals reflected in Accrued expenses in the Condensed Consolidated Balance Sheets are as follows:
| Restructuring Initiatives
Balance at January 1, 2025 | $ | 0.9 |
Restructuring expenses | 17.5 |
Payments, utilization and other | (5.2) |
Balance at March 31, 2025 | $ | 13.2 |

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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 S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: 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 + Details
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