XML 38 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Restructuring Charges
 12 Months Ended
Dec. 31, 2017
Restructuring and Related Activities [Abstract]  
Restructuring Charges
Restructuring Charges
During the fourth quarter of 2017, the Company recorded a net pre-tax restructuring charge of $13.0 million associated with broad-based repositioning actions designed to improve profitability. These actions include headcount reductions of approximately 300 employees, or about 3% of the Company’s global workforce and select facility consolidations in North America and Europe. The charge included severance of $24.1 million related to the consolidation of certain manufacturing operations, all of which are cash costs.
The following table summarizes the restructuring charge by business segment:
(in millions) December 31,
Severance
Fluid Handling
$
10.6

Payment & Merchandising Technologies
12.2

Aerospace & Electronics
1.3

 
$
24.1


Related to the repositioning actions the Company recorded a pre-tax gain in the fourth quarter of 2017 of $11.1 million related to the sale of a facility in the Aerospace & Electronics segment.
To complete these actions, the Company expects to incur a total of $16.7 million of additional restructuring and facility consolidation related charges from 2018 to 2020 in each of the business segments as follows:
(in millions) December 31,
2018
2019
2020
Total
Fluid Handling
$
5.5

$
4.6

$
1.6

$
11.7

Payment & Merchandising Technologies
4.5

(3.2
)
—

1.3

Aerospace & Electronics
0.6

3.1

—

3.7

 
$
10.6

$
4.5

$
1.6

$
16.7

The following table summarizes the expected costs by nature of costs and year:
(in millions) December 31,
2018
2019
2020
Total
Restructuring
$
3.3

$
(1.0
)
$
—

$
2.3

Facility Consolidation
7.3

5.5

1.6

14.4

 
$
10.6

$
4.5

$
1.6

$
16.7


The Company expects recurring pre-tax savings subsequent to initiating all actions to approximate $30 million annually.