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Restructuring Restructuring (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

We recorded restructuring charges (gains) which are reflected in the Consolidated Statements of Operations, as follows:

(in millions) For the year ended December 31,						2022						2021						2020
Aerospace & Electronics						$	1.5					$	—					$	6.5
Process Flow Technologies						2.3						(13.2)						6.1
Payment & Merchandising Technologies						6.2						(3.7)						19.1
Engineering Materials						0.4						—						0.6
Total restructuring charges (gains), net						$	10.4					$	(16.9)					$	32.3

The following table summarizes our restructuring charges (gains) by program, cost type and segment for the years ended December 31, 2022, 2021 and 2020:

			December 31, 2022																		December 31, 2021																		December 31, 2020
(in millions)			Severance						Other						Total						Severance						Other						Total						Severance			Other						Total
Aerospace & Electronics			$	1.5					$	—					$	1.5					$	—					$	—					$	—					$	—		$	—					$	—
Process Flow Technologies			6.3						$	—					6.3						—						—						—						—			—						—
Payment & Merchandising Technologies			5.7						$	0.5					6.2						—						—						—						—			—						—
Engineered Materials			0.4						$	—					0.4						—						—						—						—			—						—
2022 Repositioning			13.9						0.5						14.4						—						—						—						—			—						—
Aerospace & Electronics			$	—					$	—					$	—					$	—					$	—					$	—					$	6.5		$	—					$	6.5
Process Flow Technologies			—						—						—						(0.1)			(a)			—						(0.1)						3.8			—						3.8
Payment & Merchandising Technologies			—						—						—						(0.8)			(a)			(2.8)						(3.6)						16.6			4.6			(b)			21.2
Engineered Materials			—						—						—						—						—						—						0.6			—						0.6
2020 Repositioning			—						—						—						(0.9)			(a)			(2.8)						(3.7)						27.5			4.6						32.1
Process Flow Technologies			$	(1.2)		(a)			$	(2.8)		(c)			$	(4.0)					$	0.1					$	—					$	0.1					$	6.1		$	—					$	6.1
2019 Repositioning			(1.2)			(a)			(2.8)			(c)			(4.0)						0.1						—						0.1						6.1			—						6.1
Process Flow Technologies			$	—					$	—					$	—					$	(0.4)		(a)			$	(12.7)		(c)			$	(13.1)					$	(3.8)		$	—					$	(3.8)
Payment & Merchandising Technologies			—						—						—						(0.2)			(a)			—						(0.2)						(0.9)			(1.5)			(c)			(2.4)
2017 Repositioning			—						—						—						(0.6)			(a)			(12.7)			(c)			(13.3)						(4.7)			(1.5)			(c)			(6.2)
Payment & Merchandising Technologies			$	—					$	—					$	—					$	—					$	—					$	—					$	0.3		$	—					$	0.3
Other Restructuring			—						—						—						—						—						—						0.3			—						0.3
Total			$	12.7					$	(2.3)					$	10.4					$	(1.4)					$	(15.5)					$	(16.9)					$	29.2		$	3.1					$	32.3

(a)			Reflects changes in estimates for increases and decreases in costs related to our restructuring programs.
(b)			Primarily reflects non-cash charges related to the impairment of ROU assets and leasehold improvements associated with the exit of the three leased facilities in 2020.
(c)			Reflects a pre-tax gain related to the sale of real estate.

The following table summarizes the cumulative restructuring costs incurred through December 31, 2022. We do not expect to incur additional facility consolidation costs to complete these actions as of December 31, 2022.

			Cumulative Restructuring Costs
(in millions)			Severance			Other			Total
Aerospace & Electronics			$	1.5		$	—		$	1.5
Process Flow Technologies			6.3			—			6.3
Payment & Merchandising Technologies			5.7			0.5			6.2
Engineered Materials			0.4			—			0.4
2022 Repositioning			13.9			0.5			14.4
Aerospace & Electronics			$	6.5		$	—		$	6.5
Process Flow Technologies			3.7			—			3.7
Payment & Merchandising Technologies			15.8			1.8			17.6
Engineered Materials			0.6			—			0.6
2020 Repositioning			26.6			1.8			28.4
Process Flow Technologies			14.9			(2.8)			12.1
2019 Repositioning			14.9			(2.8)			12.1
Aerospace & Electronics			1.3			(1.4)			(0.1)
Process Flow Technologies			13.1			(12.7)			0.4
Payment & Merchandising Technologies			11.5			0.7			12.2
2017 Repositioning			$	25.9		$	(13.4)		$	12.5

Restructuring Liability

The following table summarizes the accrual balances related to these restructuring charges by program:

(in millions)						2022 Repositioning			2020 Repositioning			2019 Repositioning			2017 Repositioning									Total
Severance:
Balance as of December 31, 2020 (c)						$	—		$	4.2		$	16.0		$	4.7								$	24.9
Expense (a)						—			—			0.1			—									0.1
Adjustments (b)						—			(0.9)			—			(0.5)									(1.4)
Utilization						—			(3.3)			(4.6)			(3.5)									(11.4)
Balance as of December 31, 2021 (c)						$	—		$	—		$	11.5		$	0.7								$	12.2
Charges (Gain) (a)						14.4			—			(1.2)			—									13.2
Adjustments (b)						—			—			—			—									—
Utilization						(0.2)			—			(7.9)			(0.7)									(8.8)
Balance as of December 31, 2022 (c)						$	14.2		$	—		$	2.4		$	—								$	16.6

(a)			Included within “Restructuring charges (gains), net” in the Consolidated Statements of Operations
(b)			Included within “Restructuring charges (gains), net” in the Consolidated Statements of Operations and reflects changes in estimates for increases and decreases in costs
(c)			Included within Accrued Liabilities in the Consolidated Balance Sheets

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- Definition

Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

+ References

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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