XML 34 R25.htm IDEA: XBRL DOCUMENT v3.20.2

Restructuring Activities

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring Activities

Restructuring Activities

During the first nine months of 2020, we implemented certain cost reduction actions across all segments and corporate to appropriately size our workforce with demand as well as eliminate redundant work. Costs were primarily related to headcount reductions. These actions resulted in total restructuring costs of $1.9 and $12.7 for the three and nine months ended September 30, 2020, respectively, consisting of mainly employee severance costs. On July 17, 2020, we announced internally our intention to close our E&C FinFans air cooled heat exchanger leased facility in Tulsa, Oklahoma and consolidate its operations into our Beasley, Texas location at which we own 260 acres of land. This closure is a cost reduction measure within E&C FinFans to structure the business for profitable growth in equipment for midstream and upstream energy applications. Total costs related to this closure are expected to be approximately $9.0, of which $1.5 has been spent year to date, associated with severance, relocation and moving expenses. We expect this project to be completed by June 30, 2021. We are closely monitoring our end markets and order rates and will continue to take appropriate and timely actions as necessary.

Restructuring costs of $1.5 and $13.3 for the three and nine months ended September 30, 2019 were related to certain cost reductions or avoidance actions, including facility consolidations and a streamlining of the commercial activities surrounding our Lifecycle business in E&C Cryogenics and E&C FinFans, geographic realignment of our manufacturing capacity in D&S East, as well as departmental restructuring, including headcount reductions.

The following table is a summary of the severance and other restructuring costs, which included employee-related costs, facility rent and exit costs, relocation, recruiting, travel and other, for the three and nine months ended September 30, 2020 and 2019:

			Three Months Ended September 30,																		Nine Months Ended September 30,
			2020						2019						2020						2019
Severance:
Cost of sales			$	0.6					$	0.8					$	4.5					$	1.8
Selling, general, and administrative expenses			0.7						0.1						5.5						1.0
Total severance costs			1.3						0.9						10.0						2.8
Other restructuring:
Cost of sales			0.6						0.2						0.6						8.7
Selling, general, and administrative expenses			—						0.4						2.1						1.8
Total other restructuring costs			0.6						0.6						2.7						10.5
Total restructuring costs			$	1.9					$	1.5					$	12.7					$	13.3

The following tables summarize our restructuring activities for the three and nine months ended September 30, 2020 and 2019:

			Three Months Ended September 30, 2020
			D&S East						D&S West						E&C Cryogenics						E&C FinFans						Corporate						Consolidated
Balance at June 30, 2020			$	0.7					$	0.7					$	0.3					$	—					$	0.2					$	1.9
Restructuring costs			0.1						0.2						—						1.1						0.5						1.9
Cash payments and other			(0.1)						(0.5)						(0.3)						(0.9)						(0.4)						(2.2)
Balance at September 30, 2020			$	0.7					$	0.4					$	—					$	0.2					$	0.3					$	1.6

			Three Months Ended September 30, 2019
			D&S East						D&S West						E&C Cryogenics						E&C FinFans						Corporate						Consolidated
Balance at June 30, 2019			$	0.7					$	—					$	0.6					$	—					$	—					$	1.3
Restructuring costs			0.3						0.4						0.2						0.6						—						1.5
Cash payments and other			(0.4)						(0.3)						(0.5)						(0.6)						—						(1.8)
Balance at September 30, 2019			$	0.6					$	0.1					$	0.3					$	—					$	—					$	1.0

			Nine Months Ended September 30, 2020
			D&S East						D&S West						E&C Cryogenics						E&C FinFans						Corporate						Consolidated
Balance at December 31, 2019			$	0.4					$	0.1					$	0.2					$	—					$	0.2					$	0.9
Restructuring costs			2.0						1.2						0.8						6.0						2.7						12.7
Cash payments and other			(1.7)						(0.9)						(1.0)						(5.8)						(2.6)						(12.0)
Balance at September 30, 2020			$	0.7					$	0.4					$	—					$	0.2					$	0.3					$	1.6

			Nine Months Ended September 30, 2019
			D&S East						D&S West						E&C Cryogenics						E&C FinFans						Corporate						Consolidated
Balance as of December 31, 2018			$	0.8					$	—					$	—					$	—					$	0.1					$	0.9
Restructuring costs			8.1						0.8						2.4						1.8						0.2						13.3
Property, plant and equipment impairment			(4.0)						—						(1.6)						—						—						(5.6)
Cash payments and other			(4.3)						(0.7)						(0.5)						(1.8)						(0.3)						(7.6)
Balance at September 30, 2019			$	0.6					$	0.1					$	0.3					$	—					$	—					$	1.0

X

- References

No definition available.

+ Details

Name:	us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

+ Details

Name:	us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration