Restructuring

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

Overview

2022 Repositioning - In the fourth quarter of 2022, in response to economic uncertainty, we initiated modest workforce reductions of approximately 300 employees, or about 3% of our global workforce. We expect to complete the program in the first quarter of 2024.

2019 Repositioning - In the fourth quarter of 2019, we initiated actions to consolidate two manufacturing operations in Europe within our Process Flow Technologies segment. In 2020, we recorded additional severance costs related to the final negotiation with the works council/union at both locations. These actions, taken together, included workforce reductions of approximately 180 employees, or less than 1% of our global workforce. We expect to complete the program in the fourth quarter of 2023.

The following table summarizes the cumulative restructuring costs, net incurred through March 31, 2023. As of March 31, 2023, we do not expect to incur additional facility consolidation costs to complete these actions.

	Cumulative Restructuring Costs, Net
(in millions)	Severance		Other		Total
Aerospace & Electronics	$	1.5	$	—	$	1.5
Process Flow Technologies	6.3		—		6.3
Payment & Merchandising Technologies	5.7		0.5		6.2
Engineered Materials	0.4		—		0.4
2022 Repositioning	$	13.9	$	0.5	$	14.4
Process Flow Technologies	$	14.9	$	(2.8)	$	12.1
2019 Repositioning	$	14.9	$	(2.8)	$	12.1

Restructuring Liability

The following table summarizes the accrual balances related to each restructuring program:

(in millions)	2022 Repositioning		2019 Repositioning		Total
Severance:
Balance as of December 31, 2022 (a)	$	14.2	$	2.4	$	16.6
Utilization	(4.1)		(1.0)		(5.1)
Balance as of March 31, 2023 (a)	$	10.1	$	1.4	$	11.5

(a) Included within Accrued Liabilities in the Condensed Consolidated Balance Sheets.