Restructuring Expenses and Asset Impairments

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring Expenses and Asset Impairments

Restructuring Expenses and Asset ImpairmentsDuring the three and six months ended June 30, 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 six months of 2021, the Company consolidated certain facilities within the FMT segment which resulted in impairments charges of $0.1 million and $0.2 million in the three and six months ended June 30, 2021, respectively, related to property, plant and equipment that was not relocated to the new locations.

Pre-tax restructuring expenses and asset impairments by segment for the three and six months ended June 30, 2021 were as follows:

	Three Months Ended June 30, 2021
	Severance Costs		Exit Costs		Asset Impairment		Total
Fluid & Metering Technologies	$	1,820	$	—	$	90	$	1,910
Health & Science Technologies	442		—		—		442
Fire & Safety/Diversified Products	119		—		—		119
Corporate/Other	665		—		—		665
Total restructuring costs	$	3,046	$	—	$	90	$	3,136

	Six Months Ended June 30, 2021
	Severance Costs		Exit Costs		Asset Impairment		Total
Fluid & Metering Technologies	$	2,627	$	—	$	226	$	2,853
Health & Science Technologies	1,067		—		—		1,067
Fire & Safety/Diversified Products	216		—		—		216
Corporate/Other	1,228		—		—		1,228
Total restructuring costs	$	5,138	$	—	$	226	$	5,364

Restructuring accruals of $3.6 million and $3.9 million at June 30, 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 in the next twelve months using cash from operations. The changes in the restructuring accrual for the six months ended June 30, 2021 are as follows:

	Restructuring
Balance at January 1, 2021	$	3,868
Restructuring expenses (1)	5,138
Payments, utilization and other	(5,375)
Balance at June 30, 2021	$	3,631

(1) Excludes $0.2 million of asset impairments related to property, plant and equipment.