Restructuring Expenses and Asset Impairments

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring Expenses and Asset Impairments

Restructuring Expenses and Asset Impairments

During the three and nine months ended September 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 nine months of 2021, the Company consolidated certain facilities within the FMT segment which resulted in asset impairments of $0.8 million 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 nine months ended September 30, 2021 and 2020 were as follows:

	Three Months Ended September 30, 2021
	Severance Costs		Exit Costs		Asset Impairment		Total
Fluid & Metering Technologies	$	1,345	$	—	$	589	$	1,934
Health & Science Technologies	626		—		—		626
Fire & Safety/Diversified Products	(55)		—		—		(55)
Corporate/Other	699		—		—		699
Total restructuring costs	$	2,615	$	—	$	589	$	3,204

	Three Months Ended September 30, 2020
	Severance Costs		Exit Costs		Asset Impairment		Total
Fluid & Metering Technologies	$	500	$	—	$	85	$	585
Health & Science Technologies	978		—		—		978
Fire & Safety/Diversified Products	1,249		—		—		1,249
Corporate/Other	105		—		—		105
Total restructuring costs	$	2,832	$	—	$	85	$	2,917

	Nine Months Ended September 30, 2021
	Severance Costs		Exit Costs		Asset Impairment		Total
Fluid & Metering Technologies	$	3,972	$	—	$	815	$	4,787
Health & Science Technologies	1,693		—		—		1,693
Fire & Safety/Diversified Products	161		—		—		161
Corporate/Other	1,927		—		—		1,927
Total restructuring costs	$	7,753	$	—	$	815	$	8,568

	Nine Months Ended September 30, 2020
	Severance Costs		Exit Costs		Asset Impairment		Total
Fluid & Metering Technologies	$	2,348	$	—	$	85	$	2,433
Health & Science Technologies	2,162		—		—		2,162
Fire & Safety/Diversified Products	1,890		—		—		1,890
Corporate/Other	273		—		—		273
Total restructuring costs	$	6,673	$	—	$	85	$	6,758

Restructuring accruals of $3.3 million and $3.9 million at September 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 nine months ended September 30, 2021 are as follows:

	Restructuring
Balance at January 1, 2021	$	3,868
Restructuring expenses (1)	7,753
Payments, utilization and other	(8,306)
Balance at September 30, 2021	$	3,315

(1) Excludes $0.8 million of asset impairments related to property, plant and equipment.