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Restructuring | 3 Months Ended
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Mar. 31, 2021
Restructuring and Related Activities [Abstract] |
Restructuring | Restructuring Overview 2020 Repositioning - In the second quarter of 2020, we initiated actions 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 1,200 employees, or about 11% of our global workforce, and the exiting of two leased office facilities and one leased warehouse facility. 2019 Repositioning - In the fourth quarter of 2019, we initiated actions to consolidate two manufacturing operations in Europe within our Fluid Handling segment. In 2020, we recorded additional severance costs related to the final negotiation with the works council/union at both locations. These actions, taken together, 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. In 2020, we adjusted the estimate downward to reflect the impact of employees that chose to voluntarily terminate prior to receiving severance at the conclusion of the actions in North America. In 2021, we recorded a gain on sale of real estate related to these actions. Other Restructuring - In the second quarter of 2020, we recorded other restructuring costs within our Payment & Merchandising Technologies segment. We do not expect to incur additional restructuring charges. Restructuring gain, net During the three-month periods ended March 31, 2021 and 2020, we recorded a net restructuring gain of $13.1 million and $1.2 million, respectively, primarily related to the 2017 repositioning actions described above. These gains are reflected in the Condensed Consolidated Statements of Operations as “Restructuring gain, net.” Restructuring gain, net by segment are as follows:
| Three Months Ended March 31, |  |
(in millions) | 2021 |  | 2020 |  |  |  |
Fluid Handling 1 | $ | (12.6) |  |  | $ | — |  |  |  |  |
Payment & Merchandising Technologies | (0.5) |  |  | (1.2) |  |  |  |  |
Total restructuring gain, net 1 | $ | (13.1) |  |  | $ | (1.2) |  |  |  |  |
1 We also recorded related costs of $1.4 million and $1.3 million for the three months ended March 31, 2021 and 2020, respectively. These costs primarily relate to facility consolidations and are recorded within Cost of sales and Selling, general and administrative. The following table summarizes our restructuring (gain) charges, net by program, cost type and segment for the three months ended March 31, 2021 and 2020:
| Three months ended March 31, 2021 |  | Three months ended March 31, 2020
(in millions) | Severance | Other | Total |  | Severance | Other | Total
Payment & Merchandising Technologies | $ | (0.5) |  | $ | — |  | $ | (0.5) |  |  | $ | — |  | $ | — |  | $ | — |
2020 Repositioning | $ | (0.5) |  | $ | — |  | $ | (0.5) |  |  | $ | — |  | $ | — |  | $ | — |
Fluid Handling | $ | 0.1 |  | $ | — |  | $ | 0.1 |  |  | $ | — |  | $ | — |  | $ | — |
2019 Repositioning | $ | 0.1 |  | $ | — |  | $ | 0.1 |  |  | $ | — |  | $ | — |  | $ | — |
Fluid Handling 1 | $ | — |  | $ | (12.7) |  | $ | (12.7) |  |  | $ | — |  | $ | — |  | $ | — |
Payment & Merchandising Technologies 1 | — |  | — |  | — |  |  | — |  | (1.5) |  | (1.5) |
2017 Repositioning | $ | — |  | $ | (12.7) |  | $ | (12.7) |  |  | $ | — |  | $ | (1.5) |  | $ | (1.5) |
Payment & Merchandising Technologies | $ | — |  | $ | — |  | $ | — |  |  | $ | 0.3 |  | $ | — |  | $ | 0.3 |
Other Restructuring | $ | — |  | $ | — |  | $ | — |  |  | $ | 0.3 |  | $ | — |  | $ | 0.3 |
Total | $ | (0.4) |  | $ | (12.7) |  | $ | (13.1) |  |  | $ | 0.3 |  | $ | (1.5) |  | $ | (1.2) |
1 Reflects a pre-tax gain related to the sale of real estate in both 2021 and 2020 The following table summarizes the cumulative restructuring costs, net incurred through March 31, 2021 and the remaining costs related to facility consolidations expected to complete these actions as of March 31, 2021:
| Cumulative Restructuring Costs, Net |  | Remaining Costs
(in millions) | Severance | Other | Total |  | 2021
Fluid Handling | $ | 3.8 |  | $ | — |  | $ | 3.8 |  |  | $ | — |
Payment & Merchandising Technologies | 16.1 |  | 4.6 |  | 20.7 |  |  | — |
Aerospace & Electronics | 6.5 |  | — |  | 6.5 |  |  | — |
Engineered Materials | 0.6 |  | — |  | 0.6 |  |  | — |
2020 Repositioning | $ | 27.0 |  | $ | 4.6 |  | $ | 31.6 |  |  | $ | — |
Fluid Handling | $ | 16.1 |  | $ | — |  | $ | 16.1 |  |  | $ | 2.1 |
2019 Repositioning | $ | 16.1 |  | $ | — |  | $ | 16.1 |  |  | $ | 2.1 |
Fluid Handling | $ | 13.5 |  | $ | (12.7) |  | $ | 0.8 |  |  | $ | — |
Payment & Merchandising Technologies | 11.7 |  | 0.7 |  | 12.4 |  |  | — |
Aerospace & Electronics | 1.3 |  | (1.4) |  | (0.1) |  |  | — |
2017 Repositioning | $ | 26.5 |  | $ | (13.4) |  | $ | 13.1 |  |  | $ | — |
Restructuring Liability The following table summarizes the accrual balances related to these restructuring (gain) charges by program:
(in millions) |  | 2020 Repositioning | 2019 Repositioning | 2017 Repositioning |  |  | Total
Severance: |  |  |  |  |  |  |
Balance at December 31, 2020 (c) |  | $ | 4.2 |  | $ | 16.0 |  | $ | 4.7 |  |  |  | $ | 24.9 |
Expense (a) |  | — |  | 0.1 |  | — |  |  |  | 0.1 |
Adjustments (b) |  | (0.5) |  | — |  | — |  |  |  | (0.5) |
Utilization |  | (2.4) |  | (2.6) |  | (0.1) |  |  |  | (5.1) |
Balance at March 31, 2021 (c) |  | $ | 1.3 |  | $ | 13.5 |  | $ | 4.6 |  |  |  | $ | 19.4 |
(a) | Included within Restructuring gain, net in the Condensed Consolidated Statements of Operations
(b) | Included within Restructuring gain, net in the Condensed Consolidated Statements of Operations and reflects changes in estimates for increases and decreases in costs related to our restructuring programs
(c) | 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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