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Restructuring (Notes)
 6 Months Ended
Jun. 30, 2018
Restructuring and Related Activities [Abstract]  
Restructuring
Restructuring

During the fourth quarter of 2017, the Company initiated 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. Restructuring charges of $24.3 million included severance of $24.4 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 for the six months ended June 30, 2018:
 
Severance
 
Other
 
Total
(in millions)
Six Months Ended
June 30, 2018
 
Cumulative
 
Six Months Ended
June 30, 2018
 
Cumulative
 
Six Months Ended
June 30, 2018
 
Cumulative
Fluid Handling
$
0.3

 
$
10.9

 
$
—

 
$
—

 
$
0.3

 
$
10.9

Payment & Merchandising Technologies
—

 
12.2

 
0.4

 
0.4

 
0.4

 
12.6

Aerospace & Electronics
—

 
1.3

 
(0.5
)
 
(0.5
)
 
(0.5
)
 
0.8

 
$
0.3

 
$
24.4

 
$
(0.1
)
 
$
(0.1
)
 
$
0.2

 
$
24.3


Related to the 2017 repositioning actions, the Company recorded $2.3 million of additional costs associated with facility consolidations in both the three and six months ended June 30, 2018.
To complete these actions, the Company expects to incur a total of $16.7 million of restructuring and facility consolidation related charges from 2018 to 2020 in each of the segments as follows:
(in millions)
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)
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.
The following table summarizes the accrual balances related to these restructuring charges: 
(in millions)
Balance at December 31, 2017
 
Expense
(Gain) (1)
 
Utilization
 
Balance at
June 30, 2018
Fluid Handling
 
 
 
 
 
 
 
Severance
$
10.6

 
$
0.3

 
$
(1.2
)
 
$
9.7

Other
—

 
—

 
—

 
—

Total Fluid Handling
$
10.6

 
$
0.3

 
$
(1.2
)
 
$
9.7

 
 
 
 
 
 
 
 
Payment & Merchandising Technologies
 
 
 
 
 
 
 
Severance
$
12.2

 
$
—

 
$
(1.5
)
 
$
10.7

Other
—

 
0.4

 
(0.3
)
 
0.1

Total Payment & Merchandising Technologies
$
12.2

 
$
0.4

 
$
(1.8
)
 
$
10.8

 
 
 
 
 
 
 
 
Aerospace & Electronics
 
 
 
 
 
 
 
Severance
$
1.3

 
$
—

 
$
(0.4
)
 
$
0.9

Other
—

 
(0.5
)
 
0.5

 
—

Total Aerospace & Electronics
$
1.3

 
$
(0.5
)
 
$
0.1

 
$
0.9

Total Restructuring
$
24.1

 
$
0.2

 
$
(2.9
)
 
$
21.4

(1) Reflected in the Condensed Consolidated Statements of Operations as “Restructuring (gains) charges”