Restructuring Expenses and Asset Impairments

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring Expenses and Asset Impairments

Restructuring Expenses and Asset ImpairmentsDuring the three months ended March 31, 2021, the Company incurred restructuring costs to facilitate long-term, sustainable growth through cost reduction actions, consisting of employee reductions, facility rationalization and asset impairments. Restructuring costs include severance benefits, exit costs and asset impairments and are included in Restructuring expenses and asset impairments in the Condensed Consolidated Statements of Operations. Severance costs primarily consist of severance benefits through payroll continuation, COBRA subsidies, outplacement services, conditional separation costs and employer tax liabilities, while exit costs primarily consist of lease exit and contract termination costs.

In the first quarter of 2021, the Company consolidated certain facilities within the FMT segment, which resulted in an impairment charge of $0.1 million related to property, plant and equipment that was not relocated to the new location

Pre-tax restructuring expenses and asset impairments by segment for the three months ended March 31, 2021 were as follows:

	Three Months Ended March 31, 2021
	Severance Costs		Exit Costs		Asset Impairment		Total
Fluid & Metering Technologies	$	807	$	—	$	136	$	943
Health & Science Technologies	625		—		—		625
Fire & Safety/Diversified Products	97		—		—		97
Corporate/Other	563		—		—		563
Total restructuring costs	$	2,092	$	—	$	136	$	2,228

Restructuring accruals of $2.9 million and $3.9 million at March 31, 2021 and December 31, 2020, respectively, are reflected in Accrued expenses in the Company’s Condensed Consolidated Balance Sheets. Severance benefits are expected to be paid by the end of the year using cash from operations. The changes in the restructuring accrual for the three months ended March 31, 2021 are as follows:

	Restructuring
Balance at January 1, 2021	$	3,868
Restructuring expenses	2,228
Payments, utilization and other	(3,236)
Balance at March 31, 2021	$	2,860