XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.21.2

Restructuring | 9 Months Ended
--- | ---
Sep. 30, 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 Process Flow Technologies 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 (gains) charges, net We recorded restructuring (gains) charges, net which are reflected in the Condensed Consolidated Statements of Operations, as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Aerospace & Electronics | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4.7 |
Process Flow Technologies 1 | — |  |  | — |  |  | (12.6) |  |  | 4.7 |
Payment & Merchandising Technologies 2 | (1.1) |  |  | — |  |  | (1.7) |  |  | 12.6 |
Total restructuring (gains) charges, net 3 | $ | (1.1) |  |  | $ | — |  |  | $ | (14.3) |  |  | $ | 22.0 |
1 We also recorded related costs of $1.9 million and $1.2 million for the three months ended September 30, 2021 and 2020, respectively, and $5.7 million and $3.0 million for the nine months ended September 30, 2021 and 2020, respectively. These costs are recorded within Cost of sales and Selling, general and administrative. 2 We also recorded related costs of $0.2 million for the three months ended September 30, 2020 and $1.0 million for the nine months ended September 30, 2020. These costs are recorded within Cost of sales and Selling, general and administrative. 3 We also recorded related costs of $1.9 million and $1.4 million for the three months ended September 30, 2021 and 2020, respectively, and $5.7 million and $4.0 million for the nine months ended June 30, 2021 and 2020, respectively. These costs are recorded within Cost of sales and Selling, general and administrative. The following table summarizes our restructuring gains, net by program, cost type and segment for the three months ended September 30, 2021 and 2020:
| Three months ended September 30, 2021 |  | Three months ended September 30, 2020
(in millions) | Severance | Other | Total |  | Severance | Other | Total
Payment & Merchandising Technologies | $ | (0.3) |  | $ | (0.8) |  | $ | (1.1) |  |  | $ | — |  | $ | — |  | $ | — |
2020 Repositioning | $ | (0.3) |  | $ | (0.8) |  | $ | (1.1) |  |  | $ | — |  | $ | — |  | $ | — |
Total | $ | (0.3) |  | $ | (0.8) |  | $ | (1.1) |  |  | $ | — |  | $ | — |  | $ | — |
The following table summarizes our restructuring (gains) charges, net by program, cost type and segment for the nine months ended September 30, 2021 and 2020:
| Nine months ended September 30, 2021 |  | Nine months ended September 30, 2020
(in millions) | Severance | Other | Total |  | Severance | Other | Total
Aerospace & Electronics | $ | — |  | $ | — |  | $ | — |  |  | $ | 4.7 |  | $ | — |  | $ | 4.7 |
Process Flow Technologies | — |  | — |  | — |  |  | 4.7 |  | — |  | 4.7 |
Payment & Merchandising Technologies | (0.7) |  | (0.8) |  | (1.5) |  |  | 13.8 |  | 1.0 |  | 14.8 |
2020 Repositioning | $ | (0.7) |  | $ | (0.8) |  | $ | (1.5) |  |  | $ | 23.2 |  | $ | 1.0 |  | $ | 24.2 |
Process Flow Technologies | $ | 0.1 |  | $ | — |  | $ | 0.1 |  |  | $ | — |  | $ | — |  | $ | — |
2019 Repositioning | $ | 0.1 |  | $ | — |  | $ | 0.1 |  |  | $ | — |  | $ | — |  | $ | — |
Process Flow Technologies 1 | $ | — |  | $ | (12.7) |  | $ | (12.7) |  |  | $ | — |  | $ | — |  | $ | — |
Payment & Merchandising Technologies 2 | (0.2) |  | — |  | (0.2) |  |  | (1.0) |  | (1.5) |  | (2.5) |
2017 Repositioning | $ | (0.2) |  | $ | (12.7) |  | $ | (12.9) |  |  | $ | (1.0) |  | $ | (1.5) |  | $ | (2.5) |
Payment & Merchandising Technologies | $ | — |  | $ | — |  | $ | — |  |  | $ | 0.3 |  | $ | — |  | $ | 0.3 |
Other Restructuring | $ | — |  | $ | — |  | $ | — |  |  | $ | 0.3 |  | $ | — |  | $ | 0.3 |
Total | $ | (0.8) |  | $ | (13.5) |  | $ | (14.3) |  |  | $ | 22.5 |  | $ | (0.5) |  | $ | 22.0 |
1 Reflects a pre-tax gain related to the sale of real estate in 2021 2 Reflects a pre-tax gain related to the sale of real estate in 2020 The following table summarizes the cumulative restructuring costs, net incurred through September 30, 2021. We do not expect to incur additional facility consolidation costs to complete these actions as of September 30, 2021.
| Cumulative Restructuring Costs, Net |  |
(in millions) | Severance | Other | Total |  |
Aerospace & Electronics | $ | 6.5 |  | $ | — |  | $ | 6.5 |  |  |
Process Flow Technologies | 3.8 |  | — |  | 3.8 |  |  |
Payment & Merchandising Technologies | 15.8 |  | 3.8 |  | 19.6 |  |  |
2020 Repositioning | $ | 26.1 |  | $ | 3.8 |  | $ | 29.9 |  |  |
Process Flow Technologies | $ | 16.1 |  | $ | — |  | $ | 16.1 |  |  |
2019 Repositioning | $ | 16.1 |  | $ | — |  | $ | 16.1 |  |  |
Process Flow Technologies | $ | 13.5 |  | $ | (12.7) |  | $ | 0.8 |  |  |
Payment & Merchandising Technologies | 11.5 |  | 0.7 |  | 12.2 |  |  |
Aerospace & Electronics | 1.3 |  | (1.4) |  | (0.1) |  |  |
2017 Repositioning | $ | 26.3 |  | $ | (13.4) |  | $ | 12.9 |  |  |
Restructuring Liability The following table summarizes the accrual balances related to these restructuring (gains) charges by program:
(in millions) |  | 2020 Repositioning | 2019 Repositioning | 2017 Repositioning | Total
Severance: |  |  |  |  |
Balance at December 31, 2020 (b) |  | $ | 4.2 |  | $ | 16.0 |  | $ | 4.7 |  | $ | 24.9 |
Expense (a) |  | — |  | 0.1 |  | — |  | 0.1 |
Adjustments (a) |  | (0.7) |  | — |  | (0.2) |  | (0.9) |
Utilization |  | (3.0) |  | (6.1) |  | (0.3) |  | (9.4) |
Balance at September 30, 2021 (b) |  | $ | 0.5 |  | $ | 10.0 |  | $ | 4.2 |  | $ | 14.7 |
(a) | Included within Restructuring (gains) charges, net in the Condensed Consolidated Statements of Operations and reflects changes in estimates for increases and decreases in costs related to our restructuring programs
(b) | Included within Accrued Liabilities in the Condensed Consolidated Balance Sheets

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 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
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration