Restructuring

2015 Repositioning Actions

The Company initiated incremental restructuring activities and recorded pre-tax restructuring charges of $7.0 million in the second quarter of 2015 which includes $5.9 million of severance costs at selected facilities and $1.1 million of non-cash restructuring costs related to an asset write-down. The Company expects these actions to result in workforce reductions of approximately 125 employees, or about 1%, of the Company’s global workforce.

The following table summarizes the restructuring charges by cost type and business segment:



(in millions)	Severance		Asset write-down		Total
Fluid Handling	$	5.1	$	—	$	5.1
Aerospace & Electronics	0.8		—		0.8
Corporate	—		1.1		1.1
	$	5.9	$	1.1	$	7.0

The Company does not expect any further significant costs associated with these actions.

2014 Repositioning Actions

The Company recorded pre-tax restructuring charges of $18.9 million in 2014, which included $18.7 million of severance and other cash-related restructuring costs and $0.2 million of non-cash restructuring costs related to asset write-downs. The $18.7 million of severance and other cash-related restructuring costs included $4.6 million related to the consolidation of a facility in the United Kingdom in the Fluid Handling segment, $7.8 million primarily related to the consolidation of a facility in Europe in the Fluid Handling segment and $6.3 million associated with certain facility consolidation activities in the Aerospace & Electronics segment. The Company expects these repositioning actions to result in workforce reductions of approximately 320 employees, or about 3% of the Company’s global workforce.

During the six months ended June 30, 2015, the Company recorded pre-tax restructuring charges of $0.2 million which included $0.4 million related to severance costs and $0.2 million of a net restructuring gain driven by the sale of assets related to a consolidated facility.

The following table summarizes the accrual balances related to these cash-related restructuring charges:



(in millions)	Balance at December 31, 2014		Expense			Utilization			Balance at June 30, 2015
Fluid Handling
Severance	$	10.7	$	(0.1	)	$	(5.7	)	$	4.9
Other	—		—			—			—
Total Fluid Handling	$	10.7	$	(0.1	)	$	(5.7	)	$	4.9

Aerospace & Electronics
Severance	$	1.9	$	—		$	(1.5	)	$	0.4
Other	0.5		0.5			—			1.0
Total Aerospace & Electronics	$	2.4	$	0.5		$	(1.5	)	$	1.4
Total Restructuring	$	13.1	$	0.4		$	(7.2	)	$	6.3

Related to the 2014 repositioning actions, in 2014, the Company recorded $2.6 million and $1.2 million for additional costs incurred as a direct result of the facility consolidations within the Fluid Handling segment and Aerospace & Electronics segments, respectively. During the six months ended June 30, 2015, the Company recorded $2.4 million and $0.1 million within the Fluid Handling segment and Aerospace & Electronics segments, respectively.

The Company does not expect any further significant costs associated with these actions.

Acquisition-Related Restructuring

In 2014, the Company recorded pre-tax restructuring charges of $10.3 million, which included $10.2 million of severance and other cash-related restructuring costs and $0.1 million of non-cash restructuring costs related to asset write-downs related to the December 2013 acquisition of MEI in the Company's Payment & Merchandising Technologies segment. The Company expects these 2014 actions to result in workforce reductions of approximately 240 employees, or less than 2% of the Company’s global workforce.

During the six months ended June 30, 2015, the Company recorded pre-tax restructuring charges of $0.2 million of other cash-related costs related to these actions.

The following table summarizes the accrual balances related to these cash-related restructuring charges:



(in millions)	Balance at December 31, 2014		Expense		Utilization			Balance at June 30, 2015
Payment & Merchandising Technologies
Severance	$	7.0	$	—	$	(1.5	)	$	5.5
Other	—		0.2		(0.2		)	—
Total Restructuring	$	7.0	$	0.2	$	(1.7	)	$	5.5

The Company does not expect any further significant costs associated with these actions.