Restructuring (Tables)

12 Months Ended

Dec. 31, 2015

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs [Table Text Block]

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

(in millions)	Costs Incurred in 2015			Total Costs Incurred Through December 31, 2015
Fluid Handling
Severance	$	(0.6	)	$	11.6
Other	—			0.2
Asset write-down	—			0.2
Gain on sale of asset	(0.4		)	(0.4		)
Total Fluid Handling Restructuring	(1.0		)	11.6
Aerospace & Electronics
Severance	$	(2.0	)	$	2.2
Asset write-down	0.2			0.2
Other	0.5			2.6
Total Aerospace & Electronics Restructuring	(1.3		)	5.0
Corporate
Asset write-down	$	2.1		$	2.1
Total Corporate Restructuring	2.1			2.1
Total Restructuring	$	(0.2	)	$	18.7

The following table summarizes the restructuring costs associated with repositioning and acquisition-related actions noted below:

(in millions)	Costs Incurred in 2015			Total Costs Incurred Through December 31, 2015
2014 Repositioning Actions	$	(0.2	)	$	18.7
2015 Repositioning Actions	8.6			8.6
Acquisition-Related Restructuring	(0.6		)	9.7
Total Restructuring	$	7.8		$	37.0

Summary of Restructuring Charges

2015 Repositioning Actions

The Company initiated incremental restructuring activities and recorded pre-tax restructuring charges of $8.6 million in 2015. 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 segment:

(in millions)	Costs Incurred in 2015		Total Costs Incurred Through December 31, 2015
Fluid Handling
Severance	$	7.9	$	7.9
Aerospace & Electronics
Severance	0.7		0.7
Total Restructuring	$	8.6	$	8.6

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 December 31, 2015
Fluid Handling
Severance	$	—	$	7.9	$	(3.8	)	$	4.1
Aerospace & Electronics
Severance	$	—	$	0.7	$	(0.6	)	$	0.1
Total Restructuring	$	—	$	8.6	$	(4.4	)	$	4.2

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

Acquisition-Related Restructuring

The Company recorded total pre-tax restructuring charges of $9.7 million ( a gain of $0.6 million in 2015 and a charge of $10.3 million in 2014) related to the December 2013 acquisition of MEI within the Company's Payment & Merchandising Technologies segment. The Company expects these actions to result in workforce reductions of approximately 240 employees, or less than 2% of the Company’s global workforce.

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

Acquisition-Related Restructuring (in millions)	Costs Incurred in 2015			Total Costs Incurred Through December 31, 2015
Payment & Merchandising Technologies
Severance	$	3.6		$	13.8
Other	0.2			0.2
Asset write-down	—			0.1
Pension curtailment gain	(4.4		)	(4.4		)
Total Restructuring	$	(0.6	)	$	9.7

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 December 31, 2015
Payment & Merchandising Technologies
Severance	$	7.0	$	3.6	$	(4.3	)	$	6.3
Other	—		0.2		(0.2		)	—
Total Restructuring	$	7.0	$	3.8	$	(4.5	)	$	6.3

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