Restructuring Expenses and Asset Impairments

12 Months Ended

Dec. 31, 2025

Restructuring Costs and Asset Impairment Charges [Abstract]

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 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. These actions, which have primarily resulted in recognizing severance costs related to employee reductions, have been substantially completed during 2025.

Pre-tax Restructuring expenses and asset impairments by segment for the 2025 initiative were as follows:


	Severance Costs		Exit Costs		Asset Impairments		Total
Health & Science Technologies	$	11.8	$	0.1	$	0.6	$	12.5
Fluid & Metering Technologies	4.9		—		0.1		5.0
Fire & Safety/Diversified Products	2.4		—		—		2.4
Corporate/Other	0.8		—		—		0.8
Total restructuring costs and asset impairments	$	19.9	$	0.1	$	0.7	$	20.7

2024 Initiatives

During the year ended December 31, 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.

Pre-tax Restructuring expenses and asset impairments by segment for the 2024 initiative were as follows:


	Severance Costs		Exit Costs		Asset Impairments		Total
Health & Science Technologies	$	5.8	$	—	$	0.1	$	5.9
Fluid & Metering Technologies	2.4		—		—		2.4
Fire & Safety/Diversified Products	0.5		—		—		0.5
Corporate/Other	0.5		—		—		0.5
Total restructuring costs and asset impairments	$	9.2	$	—	$	0.1	$	9.3

2023 Initiatives

During the year ended December 31, 2023, the Company incurred severance costs related to employee reductions in conjunction with cost mitigation efforts as a result of market conditions, which were substantially completed during 2023, as well as contract termination costs and asset impairments.

Pre-tax Restructuring expenses and asset impairments by segment for the 2023 initiative were as follows:


	Severance Costs		Exit Costs		Asset Impairments		Total
Health & Science Technologies	$	6.4	$	0.2	$	—	$	6.6
Fluid & Metering Technologies	1.5		0.6		0.8		2.9
Fire & Safety/Diversified Products	0.7		0.2		—		0.9
Corporate/Other	0.5		—		—		0.5
Total restructuring costs and asset impairments	$	9.1	$	1.0	$	0.8	$	10.9

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


	Restructuring Initiatives
Balance at January 1, 2024	$	2.1
Restructuring expenses(1)	9.2
Payments, utilization and other	(10.4)
Balance at December 31, 2024	0.9
Restructuring expenses(2)	19.9
Payments, utilization and other	(17.8)
Balance at December 31, 2025	$	3.0

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

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