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Restructuring Expenses and Asset Impairments

9 Months Ended

Sep. 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

In January 2025, the Company initiated restructuring actions 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 Company expects these actions to be substantially complete during 2025 and expects to incur a total of approximately $20 million primarily related to severance as a result of these actions.

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

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

						Nine Months Ended September 30, 2025
						Severance Costs						Exit Costs						Asset Impairments						Total
Health & Science Technologies						$	11.4					$	0.1					$	0.6					$	12.1
Fluid & Metering Technologies						4.2						—						0.1						4.3
Fire & Safety/Diversified Products						1.6						—						—						1.6
Corporate/Other						0.3						—						—						0.3
Total restructuring expenses and asset impairments						$	17.5					$	0.1					$	0.7					$	18.3

2024 Initiatives

During the three and nine months ended September 30, 2024, the Company incurred severance costs related to employee reductions in conjunction with cost mitigation efforts as a result of market conditions, all of which were substantially completed during 2024. There were no exit costs or asset impairments incurred during the three and nine months ended September 30, 2024.

Pre-tax restructuring expenses and asset impairments by segment for the three and nine months ended September 30, 2024 were as follows:

						Severance Costs
						Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
Health & Science Technologies						$	1.7					$	3.3
Fluid & Metering Technologies						1.0						1.6
Fire & Safety/Diversified Products						0.1						0.2
Corporate/Other						0.2						0.3
Restructuring expenses and asset impairments						$	3.0					$	5.4

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			(15.2)
Balance at September 30, 2025			$	3.2

(1) Excludes $0.7 million of asset impairments related to property, plant and equipment and $0.1 million of exit costs.

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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

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