XML 67 R52.htm IDEA: XBRL DOCUMENT v3.20.4

Realignment and Transformation Programs (Tables)

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

:

			December 31, 2020
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Restructuring Charges
COS			$	19,510					$	1,122					$	20,632					$	—					$	20,632
SG&A(1)			156						335						491						(16)						475
			$	19,666					$	1,457					$	21,123					$	(16)					$	21,107
Non-Restructuring Charges
COS			$	19,328					$	7,285					$	26,613					$	52					$	26,665
SG&A			11,166						4,605						15,771						18,527						34,298
			$	30,494					$	11,890					$	42,384					$	18,579					$	60,963
Transformation Charges
SG&A			$	—					$	—					$	—					$	22,719					$	22,719
			$	—					$	—					$	—					$	22,719					$	22,719
Total Realignment and Transformation Charges
COS			$	38,838					$	8,407					$	47,245					$	52					$	47,297
SG&A			11,322						4,940						16,262						41,230						57,492
Total			$	50,160					$	13,347					$	63,507					$	41,282					$	104,789

			December 31, 2019
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Restructuring Charges
COS			$	1,149					$	2,653					$	3,802					$	—					$	3,802
SG&A(1)			(16,610)						556						(16,054)						—						(16,054)
Income tax expense(2)			(4,000)						—						(4,000)						—						(4,000)
			$	(19,461)					$	3,209					$	(16,252)					$	—					$	(16,252)
Non-Restructuring Charges
COS			11,438						$	1,742					$	13,180					$	255					$	13,435
SG&A			2,104						218						2,322						4,428						6,750
			$	13,542					$	1,960					$	15,502					$	4,683					$	20,185
Transformation Charges
SG&A			$	—					$	—					$	—					28,039						$	28,039
			$	—					$	—					$	—					$	28,039					$	28,039
Total Realignment and Transformation Charges
COS			$	12,587					$	4,395					$	16,982					$	255					$	17,237
SG&A			(14,506)						774						(13,732)						32,467						18,735
Income tax expense(2)			(4,000)						—						(4,000)						—						(4,000)
Total			$	(5,919)					$	5,169					$	(750)					$	32,722					$	31,972

____________________________________

(1) Includes gains from the sales of non-strategic manufacturing facilities that are included in our Realignment Programs.

(2) Income tax expense (benefit) includes exit taxes.     

The following is a summary of total inception to date charges, net of adjustments, related to the 2020 Realignment Program initiated in 2020:

			2020 Realignment Program Inception to Date
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Restructuring Charges
COS			$	17,829					$	1,227					$	19,056					$	—					$	19,056
SG&A			51						325						376						—						376
			$	17,880					$	1,552					$	19,432					$	—					$	19,432
Non-Restructuring Charges
COS			$	19,203					$	(473)					$	18,730					$	52					$	18,782
SG&A			10,681						4,554						15,235						17,882						33,117
			$	29,884					$	4,081					$	33,965					$	17,934					$	51,899
Total Realignment Charges
COS			$	37,032					$	754					$	37,786					$	52					$	37,838
SG&A			10,732						4,879						15,611						17,882						33,493
Total			$	47,764					$	5,633					$	53,397					$	17,934					$	71,331

Restructuring charges represent costs associated with the relocation or reorganization of certain business activities and facility closures and include costs related to employee severance at closed facilities, contract termination costs, asset write-downs and other costs. Severance costs primarily include costs associated with involuntary termination benefits. Contract termination costs include costs related to the termination of operating leases or other contract termination costs. Asset write-downs include accelerated depreciation of fixed assets, accelerated amortization of intangible assets, divestiture of certain non-strategic assets and inventory write-downs. Other costs generally include costs related to employee relocation, asset relocation, vacant facility costs (i.e., taxes and insurance) and other charges.

The following is a summary of restructuring charges, net of adjustments, for our restructuring activities. Restructuring charges incurred in 2020 related to our 2020 Realignment Program and restructuring charges incurred in 2019 related to our 2015 Realignment Programs:

			December 31, 2020
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs						Other						Total
COS			$	16,927					$	52					$	1,409					$	2,244					$	20,632
SG&A			223						—						11						241						475
Total			$	17,150					$	52					$	1,420					$	2,485					$	21,107

			December 31, 2019
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs/(Gains)						Other						Total
COS			$	2,183					$	58					$	(1,782)					$	3,343					$	3,802
SG&A(1)			2,211						—						(18,429)						164						(16,054)
Income tax expense(2)			—						—						—						(4,000)						(4,000)
Total			$	4,394					$	58					$	(20,211)					$	(493)					$	(16,252)

_____________________________________

(1) Primarily consists of gains from the sales of non-strategic manufacturing facilities that are included in our Realignment Programs.

(2) Income tax expense (benefit) includes exit taxes as well as non-deductible costs.

The following is a summary of total inception to date charges, net of adjustments, related to the 2020 Realignment Program initiated in 2020:

			2020 Realignment Program Inception to Date
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs						Other						Total
COS			$	15,244					$	52					$	1,412					$	2,348					$	19,056
SG&A			84						—						14						278						376
Total			$	15,328					$	52					$	1,426					$	2,626					$	19,432

Schedule of Restructuring Reserve by Type of Cost

The following represents the activity, primarily severance, related to the restructuring reserve for the Realignment Programs for the years ended December 31, 2020 and 2019:

(Amounts in thousands)			2020						2019
Balance at January 1,			$	6,703					$	11,927
Charges			19,686						7,958
Cash expenditures			(9,146)						(12,865)
Other non-cash adjustments, including currency			1,012						(317)
Balance at December 31,			$	18,255					$	6,703

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

Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 5.P.3)
-URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140864-122747

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 5.P.4)
-URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747

+ Details

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

X

- Definition

Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(b)(2))
-URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747

+ Details

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