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Restructuring | 6 Months Ended
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Jun. 30, 2020
Restructuring and Related Activities [Abstract] |
Restructuring | Restructuring Overview 2020 Repositioning - In the second quarter of 2020, we initiated actions to reduce our global workforce in response to the adverse economic impact of COVID-19 and integration actions related to the Cummins-Allison acquisition. These actions include workforce reductions of approximately 1,000 employees, or 9% of our global workforce. 2019 Repositioning - In the fourth quarter of 2019, we initiated actions to consolidate two manufacturing operations within our Fluid Handling segment. These actions included workforce reductions of approximately 180 employees, or less than 1% of our global workforce. 2017 Repositioning - In the fourth quarter of 2017, we initiated broad-based repositioning actions designed to improve profitability. These actions included headcount reductions of approximately 300 employees, or about 3% of our global workforce, and select facility consolidations in North America and Europe. Acquisition-Related Restructuring - In the third quarter of 2018, we initiated actions within our Payment & Merchandising Technologies segment related to the closure of Crane Currency’s printing operations in Sweden, which were transitioned to a new print facility in Malta. These actions included workforce reductions of approximately 170 employees, or less than 2% of our global workforce. There is no remaining liability associated with these actions as of December 31, 2019, and we do not expect to incur additional restructuring charges. Restructuring Charges, Net During the three- and six-month periods ended June 30, 2020, we recorded pre-tax charges primarily related to new restructuring actions (“2020 Repositioning”) as described above. These charges are reflected in the Condensed Consolidated Statements of Operations as “Restructuring charges, net.” Restructuring charges, net by segment are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Fluid Handling 1 | $ | 4.7 |  |  | $ | 0.2 |  |  | $ | 4.7 |  |  | $ | 0.8 |
Payment & Merchandising Technologies 2 | 13.8 |  |  | 1.4 |  |  | 12.6 |  |  | 3.8 |
Aerospace & Electronics 3 | 4.7 |  |  | — |  |  | 4.7 |  |  | (0.1 | )
Engineered Materials | 0.6 |  |  | — |  |  | 0.6 |  |  | — |
Total restructuring charges, net 4 | $ | 23.8 |  |  | $ | 1.6 |  |  | $ | 22.6 |  |  | $ | 4.5 |
1 We also recorded related costs of $0.5 million and $2.3 million for the three months ended June 30, 2020 and 2019, respectively, and $1.9 million and $3.9 million for the six months ended June 30, 2020 and 2019, respectively. These costs are recorded within Cost of sales and Selling, general and administrative. 2 We also recorded related costs of $0.8 million for the three months ended June 30, 2020 and 2019, and $0.7 million and $1.0 million for the six months ended June 30, 2020 and 2019, respectively. These costs are recorded within Cost of sales and Selling, general and administrative. 3 We also recorded related costs of $1.7 million and $2.1 million for the three and six months ended June 30, 2019, respectively. These costs are recorded within Cost of sales and Selling, general and administrative. 4 We also recorded related costs of $1.3 million and $4.8 million for the three months ended June 30, 2020 and 2019, respectively, and $2.6 million and $7.2 million for the six months ended June 30, 2020 and 2019, respectively. These costs are recorded within Cost of sales and Selling, general and administrative. The following table summarizes our restructuring charges, net by program, cost type and segment for the three months ended June 30, 2020 and 2019:
| Three months ended June 30, 2020 |  | Three months ended June 30, 2019
(in millions) | Severance | Other | Total |  | Severance | Other | Total
Fluid Handling | $ | 4.7 |  | $ | — |  | $ | 4.7 |  |  | $ | — |  | $ | — |  | $ | — |
Payment & Merchandising Technologies | 13.8 |  | 1.0 |  | 14.8 |  |  | — |  | — |  | — |
Aerospace & Electronics | 4.7 |  | — |  | 4.7 |  |  | — |  | — |  | — |
Engineered Materials | 0.6 |  | — |  | 0.6 |  |  | — |  | — |  | — |
2020 Repositioning | $ | 23.8 |  | $ | 1.0 |  | $ | 24.8 |  |  | $ | — |  | $ | — |  | $ | — |
Fluid Handling | $ | — |  | $ | — |  | $ | — |  |  | $ | 0.2 |  | $ | — |  | $ | 0.2 |
Payment & Merchandising Technologies | (1.0 | ) | — |  | (1.0 | ) |  | 0.2 |  | 0.6 |  | 0.8 |
Aerospace & Electronics | — |  | — |  | — |  |  | — |  | — |  | — |
2017 Repositioning | $ | (1.0 | ) | $ | — |  | $ | (1.0 | ) |  | $ | 0.4 |  | $ | 0.6 |  | $ | 1.0 |
Payment & Merchandising Technologies | $ | — |  | $ | — |  | $ | — |  |  | $ | 0.2 |  | $ | 0.4 |  | $ | 0.6 |
Acquisition-Related Restructuring | $ | — |  | $ | — |  | $ | — |  |  | $ | 0.2 |  | $ | 0.4 |  | $ | 0.6 |
Total | $ | 22.8 |  | $ | 1.0 |  | $ | 23.8 |  |  | $ | 0.6 |  | $ | 1.0 |  | $ | 1.6 |
The following table summarizes our restructuring charges, net by program, cost type and segment for the six months ended June 30, 2020 and 2019:
| Six months ended June 30, 2020 |  | Six months ended June 30, 2019
(in millions) | Severance | Other | Total |  | Severance | Other | Total
Fluid Handling | $ | 4.7 |  | $ | — |  | $ | 4.7 |  |  | $ | — |  | $ | — |  | $ | — |
Payment & Merchandising Technologies | 13.8 |  | 1.0 |  | 14.8 |  |  | — |  | — |  | — |
Aerospace & Electronics | 4.7 |  | — |  | 4.7 |  |  | — |  | — |  | — |
Engineered Materials | 0.6 |  | — |  | 0.6 |  |  | — |  | — |  | — |
2020 Repositioning | $ | 23.8 |  | $ | 1.0 |  | $ | 24.8 |  |  | $ | — |  | $ | — |  | $ | — |
Fluid Handling | $ | — |  | $ | — |  | $ | — |  |  | $ | 0.8 |  | $ | — |  | $ | 0.8 |
Payment & Merchandising Technologies 1 | (1.0 | ) | (1.5 | ) | (2.5 | ) |  | 0.2 |  | 0.8 |  | 1.0 |
Aerospace & Electronics | — |  | — |  | — |  |  | — |  | (0.1 | ) | (0.1 | )
2017 Repositioning | $ | (1.0 | ) | $ | (1.5 | ) | $ | (2.5 | ) |  | $ | 1.0 |  | $ | 0.7 |  | $ | 1.7 |
Payment & Merchandising Technologies | $ | — |  | $ | — |  | $ | — |  |  | $ | 0.4 |  | $ | 2.4 |  | $ | 2.8 |
Acquisition-Related Restructuring | $ | — |  | $ | — |  | $ | — |  |  | $ | 0.4 |  | $ | 2.4 |  | $ | 2.8 |
Payment & Merchandising Technologies | $ | 0.3 |  | $ | — |  | $ | 0.3 |  |  | $ | — |  | $ | — |  | $ | — |
Other Restructuring | $ | 0.3 |  | $ | — |  | $ | 0.3 |  |  | $ | — |  | $ | — |  | $ | — |
Total | $ | 23.1 |  | $ | (0.5 | ) | $ | 22.6 |  |  | $ | 1.4 |  | $ | 3.1 |  | $ | 4.5 |
1 We recorded a pre-tax gain of $1.5 million related to the sale of a facility in the first six months of 2020. The following table summarizes the cumulative restructuring costs incurred through June 30, 2020 and the remaining facility consolidation costs expected to complete these actions as of June 30, 2020:
| Cumulative Restructuring Costs |  | Remaining Costs
(in millions) | Severance | Other | Total |  | 2020 | 2021 | Total
Fluid Handling | $ | 4.7 |  | $ | — |  | $ | 4.7 |  |  | $ | — |  | $ | — |  | $ | — |
Payment & Merchandising Technologies | 13.8 |  | 1.0 |  | 14.8 |  |  | — |  | — |  | — |
Aerospace & Electronics | 4.7 |  | — |  | 4.7 |  |  | — |  | — |  | — |
Engineered Materials | 0.6 |  | — |  | 0.6 |  |  | — |  | — |  | — |
2020 Repositioning | $ | 23.8 |  | $ | 1.0 |  | $ | 24.8 |  |  | $ | — |  | $ | — |  | $ | — |
Fluid Handling | $ | 9.9 |  | $ | — |  | $ | 9.9 |  |  | $ | 4.5 |  | $ | 4.2 |  | $ | 8.7 |
2019 Repositioning | $ | 9.9 |  | $ | — |  | $ | 9.9 |  |  | $ | 4.5 |  | $ | 4.2 |  | $ | 8.7 |
Fluid Handling | $ | 17.3 |  | $ | — |  | $ | 17.3 |  |  | $ | 0.8 |  | $ | — |  | $ | 0.8 |
Payment & Merchandising Technologies | 11.6 |  | 0.7 |  | 12.3 |  |  | — |  | — |  | — |
Aerospace & Electronics | 1.3 |  | (1.4 | ) | (0.1 | ) |  | — |  | — |  | — |
2017 Repositioning | $ | 30.2 |  | $ | (0.7 | ) | $ | 29.5 |  |  | $ | 0.8 |  | $ | — |  | $ | 0.8 |
Restructuring Liability The following table summarizes the accrual balances related to these restructuring charges by program:
(in millions) |  | 2020 Repositioning | 2019 Repositioning | 2017 Repositioning | Other Restructuring | Total
Severance: |  |  |  |  |  |
Balance at December 31, 2019 |  | $ | — |  | $ | 9.9 |  | $ | 12.5 |  | $ | — |  | $ | 22.4 |
Expense (Gain)1 |  | 23.8 |  | — |  | (1.0 | ) | 0.3 |  | 23.1 |
Utilization |  | (13.1 | ) | (0.1 | ) | (1.6 | ) | (0.3 | ) | (15.1 | )
Balance at June 30, 20202 |  | $ | 10.7 |  | $ | 9.8 |  | $ | 9.9 |  | $ | — |  | $ | 30.4 |
Other Restructuring Costs: |  |  |  |  |  |
Balance at December 31, 2019 |  | $ | — |  | $ | — |  | $ | 0.2 |  | $ | — |  | $ | 0.2 |
Expense (Gain)1 |  | 1.0 |  | — |  | (1.5 | ) | — |  | (0.5 | )
Utilization |  | (1.0 | ) | — |  | 1.3 |  | — |  | 0.3 |
Balance at June 30, 20202 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
1 Reflected in the Condensed Consolidated Statements of Operations as “Restructuring charges, net” 2 Included within Accrued Liabilities in the Condensed Consolidated Balance Sheets

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- References No definition available. + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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