Restructuring Actions (Notes)

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring Actions

RESTRUCTURING ACTIONS

We have initiated various restructuring actions throughout our businesses during the past three years. The 2020 Global Restructuring Plan is identified as individually significant and is described further below. There were no other restructuring actions considered individually significant.

The following table provides restructuring costs by component and by segment.

For the Year Ended December 31	2022		2021		2020
By component:
Severance and other employee-related costs	$	3.5	$	8.0	$	41.5
Asset write-offs	0.1		0.6		—
Other	0.2		1.0		1.5
Total restructuring costs	$	3.8	$	9.6	$	43.0
By segment:
Motion Technologies	$	2.7	$	3.9	$	12.7
Industrial Process	1.3		3.1		19.5
Connect & Control Technologies	—		2.4		8.5
Corporate and Other	(0.2)		0.2		2.3
Total restructuring costs	$	3.8	$	9.6	$	43.0

The following table displays a rollforward of our total restructuring liability, presented within Accrued liabilities on our Consolidated Balance Sheets.

	2022		2021
Restructuring liability as of January 1	$	11.0	$	19.1
Restructuring costs	5.1		11.7
Reversal of prior accruals	(1.3)		(2.1)
Cash payments	(10.5)		(16.5)
Asset write-offs	(0.1)		(0.6)
Foreign exchange translation and other	(0.3)		(0.6)
Restructuring liability as of December 31	$	3.9	$	11.0
By accrual type:
Severance and other employee-related	$	3.9	$	10.9
Other	—		0.1

2020 Global Restructuring Plan

During 2020, an organizational-wide restructuring plan was initiated to reduce the overall cost structure of the Company primarily in response to an anticipated reduction in demand from the COVID-19 pandemic (the 2020 Global Restructuring Plan). Total restructuring charges incurred in connection with the restructuring plan through the December 31, 2022 were $46.8, primarily related to involuntary severance costs. As of December 31, 2022, the 2020 Global Restructuring Plan is substantially complete.

The following table summarizes our restructuring costs incurred during 2022 and the cumulative costs incurred through December 31, 2022 by segment related to the 2020 Global Restructuring Plan.

	Incurred in 2022		Incurred to Date
Motion Technologies	$	(0.1)	$	12.6
Industrial Process	0.4		22.8
Connect & Control Technologies	—		8.8
Corporate and Other	—		2.6
Total	$	0.3	$	46.8

The following table displays a rollforward of our restructuring liability related to the 2020 Global Restructuring Plan, which we expect to be substantially paid during 2023.

	2022		2021
Beginning balance as of January 1	$	4.8	$	17.1
Restructuring costs	0.3		2.5
Cash payments	(3.1)		(13.6)
Asset write-offs	(0.1)		(0.6)
Foreign exchange translation and other	(0.8)		(0.6)
Ending balance as of December 31	$	1.1	$	4.8