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Restructuring
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
On an ongoing basis, the Company evaluates its business and objectives to ensure it is appropriately structured and sized in response to changing market conditions. As a result, the Company has implemented several restructuring initiatives, including the closure or consolidation of facilities throughout the world and the reorganization of its operating structure.
In May 2024, the Board of Directors of the Company approved a restructuring plan that eliminated approximately 400 salaried, contract and open positions based on the Company’s new product line organizational structure and current and anticipated market demands. The restructuring effort aimed to further improve and maximize the Company’s operational efficiency by streamlining business practices and deployed resources, and improving the organization’s overall cost structure.
The Company recognized approximately $17,000 of restructuring expenses related to this plan in 2024 and does not expect to recognize significant additional expenses related to this plan in 2025. Cash expenditures include severance and other related costs directly attributable to the restructuring activities which were paid in 2024 and continue to be paid to a minor extent in 2025. The restructuring activities are anticipated to generate annualized savings of approximately $40,000 to $45,000.
The Company’s restructuring charges consist of severance, retention and outplacement services, and severance-related postemployment benefits (collectively, “employee separation costs”), along with other related exit costs and asset impairments related to restructuring activities (collectively, “other exit costs”). Employee separation costs are recorded based on existing union and employee contracts, statutory requirements, completed negotiations and Company policy.
Restructuring charges by segment were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Sealing Systems$2,735 $10,526 $4,256 $11,174 
Fluid Handling Systems79 2,500 533 2,825 
Corporate and other38 4,755 174 4,915 
Total$2,852 $17,781 $4,963 $18,914 
Restructuring activity for all restructuring initiatives for the six months ended June 30, 2025 was as follows:
Employee Separation CostsOther Exit CostsTotal
Balance as of December 31, 2024$15,057 $4,945 $20,002 
Expense1,226 3,737 4,963 
Cash payments(7,211)(6,703)(13,914)
Foreign exchange translation and other1,006 620 1,626 
Balance as of June 30, 2025$10,078 $2,599 $12,677