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Realignment and Transformation Programs

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Realignment and Transformation Programs

ALIGNMENT PROGRAMSIn 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. Severance costs primarily include costs associated with involuntary termination benefits. Expenses are primarily reported in cost of sales ("COS") or selling, general and administrative ("SG&A"), as applicable, in our consolidated statements of income. The total investment in these activities is approximately $95 million with the vast majority of the charges incurred in 2020 and 2021. There are certain remaining realignment activities that are being evaluated, but have not yet been finalized and therefore not included in the 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:

			December 31, 2022
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Restructuring Charges
COS			$	768					$	93					$	861					$	—					$	861
SG&A			—						(4)						(4)						—						(4)
			$	768					$	89					$	857					$	—					$	857
Non-Restructuring Charges
COS			$	(530)					$	86					$	(444)					$	(61)					$	(505)
SG&A			148						(391)						(243)						(274)						(517)
			$	(382)					$	(305)					$	(687)					$	(335)					$	(1,022)
Total Realignment Charges
COS			$	238					$	179					$	417					$	(61)					$	356
SG&A			148						(395)						(247)						(274)						(521)
Total			$	386					$	(216)					$	170					$	(335)					$	(165)

			December 31, 2021
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Restructuring Charges
COS			$	8,046					$	811					$	8,857					$	—					$	8,857
SG&A			665						(9)						656						—						656
			$	8,711					$	802					$	9,513					$	—					$	9,513
Non-Restructuring Charges
COS			$	6,203					$	1,196					$	7,399					$	590					$	7,989
SG&A			368						708						1,076						3,913						4,989
			$	6,571					$	1,904					$	8,475					$	4,503					$	12,978
Total Realignment and Transformation Charges
COS			$	14,249					$	2,007					$	16,256					$	590					$	16,846
SG&A			1,033						699						1,732						3,913						5,645
Total			$	15,282					$	2,706					$	17,988					$	4,503					$	22,491

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
Restructuring Charges
COS			$	26,642					$	2,131					$	28,773					$	—					$	28,773
SG&A			716						328						1,044						(16)						1,028
			$	27,358					$	2,459					$	29,817					$	(16)					$	29,801
Non-Restructuring Charges
COS			$	24,877					$	808					$	25,685					$	581					$	26,266
SG&A			11,197						4,871						16,068						21,521						37,589
			$	36,074					$	5,679					$	41,753					$	22,102					$	63,855
Total Realignment Charges
COS			$	51,519					$	2,939					$	54,458					$	581					$	55,039
SG&A			11,913						5,199						17,112						21,505						38,617
Total			$	63,432					$	8,138					$	71,570					$	22,086					$	93,656

Restructuring charges represent costs related to employee severance at closed facilities, contract termination costs, asset write-downs and other costs. 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 related to our Realignment Program:

			December 31, 2022
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs						Other						Total
COS			$	122					$	327					$	273					$	139					$	861
SG&A			(4)						—						—						—						(4)
Total			$	118					$	327					$	273					$	139					$	857

			December 31, 2021
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs						Other						Total
COS			$	964					$	34					$	2,683					$	5,176					$	8,857
SG&A			167						—						—						489						656
Total			$	1,131					$	34					$	2,683					$	5,665					$	9,513

The following is a summary of total inception to date charges, net of adjustments, related to our Realignment Program:

			Inception to Date
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs						Other						Total
COS			$	16,324					$	413					$	4,368					$	7,668					$	28,773
SG&A			247						—						14						767						1,028
Total			$	16,571					$	413					$	4,382					$	8,435					$	29,801

The following represents the activity, primarily severance, related to the restructuring reserve for the Realignment Programs for the years ended December 31, 2022 and 2021:

(Amounts in thousands)			2022						2021
Balance at January 1,			$	4,868					$	18,255
Charges			584						6,829
Cash expenditures			(3,518)						(18,942)
Other non-cash adjustments, including currency			(969)						(1,274)
Balance at December 31,			$	965					$	4,868

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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 https://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 https://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 https://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
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-URI https://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 https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

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