Restructuring

During the the fourth quarter of 2014 and the third quarter of 2015, the Company recorded restructuring costs as a part of restructuring initiatives that support the implementation of key strategic efforts designed to facilitate long-term, sustainable, growth through cost reduction actions, primarily consisting of employee reductions and facility rationalization. The costs incurred related to these initiatives were included in Restructuring expenses in the Consolidated Statements of Operations while the related accruals were included in Accrued expenses in the Consolidated Balance Sheets. Severance costs primarily consisted of severance benefits through payroll continuation, COBRA subsidies, outplacement services, conditional separation costs and employer tax liabilities, while exit costs primarily consisted of asset disposals or impairments and lease exit costs.

During the three and nine months ended September 30, 2015, the Company recorded $4.7 million of pre-tax restructuring expenses related to its 2015 restructuring initiative, which included severance benefits for 90 employees. The restructuring expense associated with these actions is not expected to exceed $10 million and will be completed by the end of the year.

Pre-tax restructuring expenses, by segment, for the three and nine months ended September 30, 2015 were as follows:



	Severance Costs		Exit Costs		Total

Fluid & Metering Technologies	$	2,505	$	—	$	2,505
Health & Science Technologies	1,774		—		1,774
Fire & Safety/Diversified Products	279		—		279
Corporate/Other	165		—		165
Total restructuring costs	$	4,723	$	—	$	4,723

Restructuring accruals of $3.5 million and $6.1 million at September 30, 2015 and December 31, 2014, respectively, are recorded in Accrued expenses in the Consolidated Balance Sheets. Severance benefits are expected to be paid by the end of 2016 using cash from operations. The changes in the restructuring accrual for the nine months ended September 30, 2015 are as follows:



Balance at January 1, 2015	$	6,056
Restructuring expenses	4,723
Payments, utilization and other	(7,235		)
Balance at September 30, 2015	$	3,544