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Realignment Programs | 6 Months Ended
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Jun. 30, 2022
Restructuring and Related Activities [Abstract] |
Realignment Programs | Realignment Programs In the second quarter of 2020, we identified and initiated certain realignment activities to right-size our organizational operations based on the current business environment, with the overall objective to reduce our workforce costs, including manufacturing optimization through the consolidation of certain facilities ("Realignment Program"). The realignment activities consist of restructuring and non-restructuring charges. Restructuring charges represent costs associated with the relocation of certain business activities and facility closures and include related severance costs. Non-restructuring charges are primarily employee severance associated with the workforce reductions. Expenses are primarily reported in cost of sales ("COS") or selling, general and administrative ("SG&A"), as applicable, in our consolidated statements of income. We anticipate a total investment in these activities of approximately $95 million and the vast majority of the charges were incurred in 2020 and 2021 with the remainder to be incurred in 2022. There are certain other realignment activities that are currently being evaluated, but have not yet been finalized and therefore are not included in the above anticipated total investment. Generally, the aforementioned charges will be paid in cash, except for asset write-downs, which are non-cash charges. The following is a summary of total charges, net of adjustments, incurred related to our Realignment Program:
| Three Months Ended June 30, 2022
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 604 |  |  | $ | 76 |  |  | $ | 680 |  |  | $ | — |  |  | $ | 680 |
SG&A | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 604 |  |  | $ | 76 |  |  | $ | 680 |  |  | $ | — |  |  | $ | 680 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | (225) |  |  | $ | 12 |  |  | $ | (213) |  |  | $ | — |  |  | $ | (213) |
SG&A | 2 |  |  | 33 |  |  | 35 |  |  | 27 |  |  | 62 |
| $ | (223) |  |  | $ | 45 |  |  | $ | (178) |  |  | $ | 27 |  |  | $ | (151) |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 379 |  |  | $ | 88 |  |  | $ | 467 |  |  | $ | — |  |  | $ | 467 |
SG&A | 2 |  |  | 33 |  |  | 35 |  |  | 27 |  |  | 62 |
Total | $ | 381 |  |  | $ | 121 |  |  | $ | 502 |  |  | $ | 27 |  |  | $ | 529 |
| Three Months Ended June 30, 2021
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 2,016 |  |  | $ | 171 |  |  | $ | 2,187 |  |  | $ | — |  |  | $ | 2,187 |
SG&A | 667 |  |  | — |  |  | 667 |  |  | — |  |  | 667 |
| $ | 2,683 |  |  | $ | 171 |  |  | $ | 2,854 |  |  | $ | — |  |  | $ | 2,854 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 1,558 |  |  | $ | 80 |  |  | $ | 1,638 |  |  | $ | — |  |  | $ | 1,638 |
SG&A | 338 |  |  | (129) |  |  | 209 |  |  | 915 |  |  | 1,124 |
| $ | 1,896 |  |  | $ | (49) |  |  | $ | 1,847 |  |  | $ | 915 |  |  | $ | 2,762 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 3,574 |  |  | $ | 251 |  |  | $ | 3,825 |  |  | $ | — |  |  | $ | 3,825 |
SG&A | 1,005 |  |  | (129) |  |  | 876 |  |  | 915 |  |  | 1,791 |
Total | $ | 4,579 |  |  | $ | 122 |  |  | $ | 4,701 |  |  | $ | 915 |  |  | $ | 5,616 |
| Six Months Ended June 30, 2022
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 885 |  |  | $ | 71 |  |  | $ | 956 |  |  | $ | — |  |  | $ | 956 |
SG&A | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 885 |  |  | $ | 71 |  |  | $ | 956 |  |  | $ | — |  |  | $ | 956 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | (589) |  |  | $ | (37) |  |  | $ | (626) |  |  | $ | (61) |  |  | $ | (687) |
SG&A | 77 |  |  | 50 |  |  | 127 |  |  | (266) |  |  | (139) |
| $ | (512) |  |  | $ | 13 |  |  | $ | (499) |  |  | $ | (327) |  |  | $ | (826) |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 296 |  |  | $ | 34 |  |  | $ | 330 |  |  | $ | (61) |  |  | $ | 269 |
SG&A | 77 |  |  | 50 |  |  | 127 |  |  | (266) |  |  | (139) |
Total | $ | 373 |  |  | $ | 84 |  |  | $ | 457 |  |  | $ | (327) |  |  | $ | 130 |
| Six Months Ended June 30, 2021
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 6,043 |  |  | $ | 470 |  |  | $ | 6,513 |  |  | $ | — |  |  | $ | 6,513 |
SG&A | 667 |  |  | (9) |  |  | 658 |  |  | — |  |  | 658 |
| $ | 6,710 |  |  | $ | 461 |  |  | $ | 7,171 |  |  | $ | — |  |  | $ | 7,171 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 5,449 |  |  | $ | 678 |  |  | $ | 6,127 |  |  | $ | 590 |  |  | $ | 6,717 |
SG&A | 495 |  |  | 739 |  |  | 1,234 |  |  | 4,195 |  |  | 5,429 |
| $ | 5,944 |  |  | $ | 1,417 |  |  | $ | 7,361 |  |  | $ | 4,785 |  |  | $ | 12,146 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 11,492 |  |  | $ | 1,148 |  |  | $ | 12,640 |  |  | $ | 590 |  |  | $ | 13,230 |
SG&A | 1,162 |  |  | 730 |  |  | 1,892 |  |  | 4,195 |  |  | 6,087 |
Total | $ | 12,654 |  |  | $ | 1,878 |  |  | $ | 14,532 |  |  | $ | 4,785 |  |  | $ | 19,317 |
The following is a summary of total inception to date charges, net of adjustments, related to the Realignment Program:
| Inception to Date
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 26,761 |  |  | $ | 2,107 |  |  | $ | 28,868 |  |  | $ | — |  |  | $ | 28,868 |
SG&A | 716 |  |  | 333 |  |  | 1,049 |  |  | (17) |  |  | 1,032 |
| $ | 27,477 |  |  | $ | 2,440 |  |  | $ | 29,917 |  |  | $ | (17) |  |  | $ | 29,900 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 24,818 |  |  | $ | 686 |  |  | $ | 25,504 |  |  | $ | 581 |  |  | $ | 26,085 |
SG&A | 11,126 |  |  | 5,312 |  |  | 16,438 |  |  | 21,529 |  |  | 37,967 |
| $ | 35,944 |  |  | $ | 5,998 |  |  | $ | 41,942 |  |  | $ | 22,110 |  |  | $ | 64,052 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 51,579 |  |  | $ | 2,793 |  |  | $ | 54,372 |  |  | $ | 581 |  |  | $ | 54,953 |
SG&A | 11,842 |  |  | 5,645 |  |  | 17,487 |  |  | 21,512 |  |  | 38,999 |
Total | $ | 63,421 |  |  | $ | 8,438 |  |  | $ | 71,859 |  |  | $ | 22,093 |  |  | $ | 93,952 |
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 related to our Realignment Program:
| Three Months Ended June 30, 2022
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs |  | Other |  | Total
COS | $ | 570 |  |  | $ | — |  |  | $ | 19 |  |  | $ | 91 |  |  | $ | 680 |
SG&A | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 570 |  |  | $ | — |  |  | $ | 19 |  |  | $ | 91 |  |  | $ | 680 |
| Three Months Ended June 30, 2021
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs |  | Other |  | Total
COS | $ | (154) |  |  | $ | — |  |  | $ | (849) |  |  | $ | 3,190 |  |  | $ | 2,187 |
SG&A | 168 |  |  | — |  |  | — |  |  | 499 |  |  | 667 |
Total | $ | 14 |  |  | $ | — |  |  | $ | (849) |  |  | $ | 3,689 |  |  | $ | 2,854 |
| Six Months Ended June 30, 2022
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs |  | Other |  | Total
COS | $ | 568 |  |  | $ | — |  |  | $ | 259 |  |  | $ | 129 |  |  | $ | 956 |
SG&A | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 568 |  |  | $ | — |  |  | $ | 259 |  |  | $ | 129 |  |  | $ | 956 |
| Six Months Ended June 30, 2021
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs |  | Other |  | Total
COS | $ | 1,219 |  |  | $ | — |  |  | $ | 1,341 |  |  | $ | 3,953 |  |  | $ | 6,513 |
SG&A | 168 |  |  | — |  |  | — |  |  | 490 |  |  | 658 |
Total | $ | 1,387 |  |  | $ | — |  |  | $ | 1,341 |  |  | $ | 4,443 |  |  | $ | 7,171 |
The following is a summary of total inception to date restructuring charges, net of adjustments, related to our Realignment Program:
| Inception to Date
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs |  | Other |  | Total
COS | $ | 16,772 |  |  | $ | 86 |  |  | $ | 4,354 |  |  | $ | 7,656 |  |  | $ | 28,868 |
SG&A | 251 |  |  | — |  |  | 14 |  |  | 767 |  |  | 1,032 |
Total | $ | 17,023 |  |  | $ | 86 |  |  | $ | 4,368 |  |  | $ | 8,423 |  |  | $ | 29,900 |
The following represents the activity, primarily severance charges from reductions in force, related to the restructuring reserves for the six months ended June 30, 2022 and 2021:
(Amounts in thousands) | 2022 |  | 2021
Balance at January 1 | $ | 4,868 |  |  | $ | 18,255 |
Charges, net of adjustments | 696 |  |  | 5,830 |
Cash expenditures | (2,082) |  |  | (14,388) |
Other non-cash adjustments, including currency | (310) |  |  | (461) |
Balance at June 30 | $ | 3,172 |  |  | $ | 9,236 |

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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 -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
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