XML 39 R25.htm IDEA: XBRL DOCUMENT v3.21.2

Restructuring Activities

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring Activities

Restructuring Activities

Restructuring costs of $1.9 and $2.9 for the three and nine months ended September 30, 2021, respectively, were primarily related to moving and employee severance costs.

During the third quarter of 2021, we announced our intention to transfer our Houston, Texas repair and service operations to our Beasley, Texas location. For the three months ended September 30, 2021, we incurred $1.4 in costs associated with this project within our Repair, Service & Leasing segment, which mainly included moving and employee severance costs. This project is expected to be completed no later than the third quarter of 2022 for a total cost of $6.0 which does not include the costs discussed above or estimated proceeds from the sale of the Houston, Texas repair and service facility.

From the third quarter of 2020 through the second quarter 2021, we transferred operations of our heat exchanger leased facility in Tulsa, Oklahoma to our Beasley, Texas location at which we own 260 acres of land and repurposed our Tulsa, Oklahoma facility as a flexible manufacturing, engineering and research and development site serving multiple applications across our operating segments for total estimated costs of $9.0 of which $2.7 was spent in 2020. With respect to 2021, we incurred $0.5 and $1.2 of restructuring costs for the three and nine months ended September 30, 2021, respectively, primarily related to employee severance costs, which is reflected in the tables below under the Heat Transfer Systems segment. We incurred an additional $5.0 and $10.2 in costs (not reflected in the tables below) for the three and nine months ended September 30, 2021, respectively, which are associated with moving and facility start-up costs attributable to the relocation of our air cooled heat exchangers product lines from our Tulsa, Oklahoma facility to our Beasley, Texas facility. This project was substantially complete as of June 30, 2021 although we incurred approximately $0.4 in additional costs during the third quarter of 2021 and may incur further costs in the remainder of 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 $1.9 and $12.7 for the three and nine months ended September 30, 2020, respectively, were related to certain cost reduction actions taken primarily in our Cryo Tank Solutions and Heat Transfer Systems segments. These costs were primarily related to employee severance costs.

The following table summarizes severance and other restructuring costs, which includes employee-related costs, facility rent and exit costs, relocation, recruiting, travel and other:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Severance:
Cost of sales			$	0.4					$	0.6					$	0.4					$	4.5
Selling, general, and administrative expenses			—						0.7						0.3						5.5
Total severance costs			0.4						1.3						0.7						10.0
Other restructuring:
Cost of sales			1.5						0.6						2.2						0.6
Selling, general, and administrative expenses			—						—						—						2.1
Total other restructuring costs			1.5						0.6						2.2						2.7
Total restructuring costs			$	1.9					$	1.9					$	2.9					$	12.7

The following tables summarize our restructuring activities for the three and nine months ended September 30, 2021 and 2020:

			Three Months Ended September 30, 2021
			Cryo Tank Solutions						Heat Transfer Systems						Specialty Products						Repair, Service & Leasing						Corporate						Consolidated
Balance at June 30, 2021			$	0.3					$	(0.1)					$	—					$	—					$	—					$	0.2
Restructuring charges			—						0.5						—						1.4						—						1.9
Cash payments and other			—						(0.3)						—						0.1						—						(0.2)
Balance at September 30, 2021			$	0.3					$	0.1					$	—					$	1.5					$	—					$	1.9

			Three Months Ended September 30, 2020
			Cryo Tank Solutions						Heat Transfer Systems						Specialty Products						Repair, Service & Leasing						Corporate						Consolidated
Balance at June 30, 2020			$	1.4					$	0.2					$	—					$	—					$	0.3					$	1.9
Restructuring charges			0.3						1.1						—						0.1						0.4						1.9
Cash payments and other			(0.6)						(1.1)						—						(0.1)						(0.4)						(2.2)
Balance at September 30, 2020			$	1.1					$	0.2					$	—					$	—					$	0.3					$	1.6

			Nine Months Ended September 30, 2021
			Cryo Tank Solutions						Heat Transfer Systems						Specialty Products						Repair, Service & Leasing						Corporate						Consolidated
Balance at December 31, 2020			$	0.5					$	0.2					$	—					$	—					$	0.1					$	0.8
Restructuring charges			0.3						1.2						—						1.4						—						2.9
Cash payments and other			(0.5)						(1.3)						—						0.1						(0.1)						(1.8)
Balance at September 30, 2021			$	0.3					$	0.1					$	—					$	1.5					$	—					$	1.9

			Nine Months Ended September 30, 2020
			Cryo Tank Solutions						Heat Transfer Systems						Specialty Products						Repair, Service & Leasing						Corporate						Consolidated
Balance at December 31, 2019			$	0.5					$	0.2					$	—					$	—					$	0.2					$	0.9
Restructuring charges			3.2						6.8						—						0.1						2.6						12.7
Cash payments and other			(2.6)						(6.8)						—						(0.1)						(2.5)						(12.0)
Balance at September 30, 2020			$	1.1					$	0.2					$	—					$	—					$	0.3					$	1.6

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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(e))
-URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

+ Details

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