Restructuring (Tables)

12 Months Ended

Dec. 31, 2016

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs [Table Text Block]

Summary of Restructuring Charges

cturing Charges

The Company recorded pre-tax restructuring charges of $7.8 million and $29.2 million in 2015 and 2014, respectively.   

The 2015 restructuring charges were driven by severance costs from workforce reductions of approximately 125 people primarily in the Fluid Handling segment and, to a lesser extent, in the Aerospace & Electronics segment.  The liability associated with these actions was $1.2 million and $4.2 million as of December 31, 2016 and 2015, respectively. 

The 2014 restructuring charges included $18.9 million of severance costs from workforce reductions of approximately 320 people primarily in the Fluid Handling segment and, to a lesser extent, in the Aerospace & Electronics segment. There was no liability related to these actions as of December 31, 2016. The liability was $1.3 million as of December 31, 2015.

The 2014 restructuring charge also included $10.3 million of severance and other costs related to the December 2013 acquisition of MEI within the Payment & Merchandising Technologies segment.  These actions resulted in workforce reductions of approximately 240 employees.  The liability associated with these actions was $2.7 million and $6.3 million as of December 31, 2016 and 2015, respectively.

Acquisition Integration Costs

The Company recorded pre-tax acquisition integration related costs of $7.2 million and $9.8 million in 2015 and 2014, respectively related to the December 2013 acquisition of MEI within the Payment & Merchandising Technologies segment.