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Restructuring Expenses and Asset Impairments
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2025, the Company primarily incurred severance costs related to organizational changes, designed with the focus of connecting 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. The three and six months ended June 30, 2025 also included asset impairments of $0.6 million related to property, plant and equipment within the HST segment.

Pre-tax Restructuring expenses and asset impairments by segment for the three and six months ended June 30, 2025 were as follows:

Three Months Ended June 30, 2025
Severance CostsExit Costs
Asset Impairments
Total
Health & Science Technologies$— $0.1 $0.6 $0.7 
Fluid & Metering Technologies— — — — 
Fire & Safety/Diversified Products— — — — 
Corporate/Other— — — — 
Total restructuring expenses and asset impairments
$— $0.1 $0.6 $0.7 

Six Months Ended June 30, 2025
Severance CostsExit Costs
Asset Impairments
Total
Health & Science Technologies$11.4 $0.1 $0.6 $12.1 
Fluid & Metering Technologies4.2 — — 4.2 
Fire & Safety/Diversified Products1.6 — — 1.6 
Corporate/Other0.3 — — 0.3 
Total restructuring expenses and asset impairments
$17.5 $0.1 $0.6 $18.2 

The Company expects to incur additional restructuring charges of approximately $3 million to $7 million primarily related to severance related to these actions during the remainder of 2025.

2024 Initiative

During the three and six months ended June 30, 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 and six months ended June 30, 2024.
Pre-tax restructuring expenses and asset impairments by segment for the three and six months ended June 30, 2024 were as follows:
Severance Costs
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Health & Science Technologies $1.1 $1.6 
Fluid & Metering Technologies 0.1 0.6 
Fire & Safety/Diversified Products0.1 0.1 
Corporate/Other— 0.1 
Restructuring expenses and asset impairments$1.3 $2.4 

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(1)
17.5 
Payments, utilization and other(10.6)
Balance at June 30, 2025$7.8 

(1) Excludes $0.6 million of asset impairments related to property, plant and equipment and $0.1 million of exit costs.