Restructuring Expenses and Asset Impairments

12 Months Ended

Dec. 31, 2021

Restructuring Costs and Asset Impairment Charges [Abstract]

Restructuring Expenses and Asset Impairments

Restructuring Expenses and Asset Impairments

During 2021, 2020 and 2019, the Company incurred restructuring expenses and asset impairments of $9.3 million, $11.8 million and $21.0 million, respectively. These costs were incurred to facilitate long-term sustainable growth through cost reduction actions, consisting of employee reductions, facility rationalization, contract termination costs and asset impairments. Restructuring costs include severance benefits, exit costs and asset impairments and are included in Restructuring expenses and asset impairments in the Consolidated Statements of Income. 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.

2021 Initiative

During the year ended December 31, 2021, the Company incurred severance costs related to employee reductions. In addition, 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 2021 initiative were as follows:

	Severance Costs		Exit Costs		Asset Impairments		Total
	(In millions)
Fluid & Metering Technologies	$	3.7	$	—	$	0.8	$	4.5
Health & Science Technologies	1.7		—		—		1.7
Fire & Safety/Diversified Products	0.5		—		—		0.5
Corporate/Other	2.6		—		—		2.6
Total restructuring costs	$	8.5	$	—	$	0.8	$	9.3

2020 Initiative

During the year ended December 31, 2020, the Company incurred severance costs related to employee reductions and exit costs related to early lease terminations. In addition, in the fourth quarter of 2020, the Company consolidated certain facilities within the FMT segment, which resulted in an impairment charge of $2.5 million. The Company also relocated its corporate office, which resulted in an impairment charge of $0.6 million.

Pre-tax restructuring expenses and asset impairments by segment for the 2020 initiative were as follows:

	Severance Costs		Exit Costs		Asset Impairments		Total
	(In millions)
Fluid & Metering Technologies	$	2.9	$	0.2	$	2.5	$	5.6
Health & Science Technologies	2.7		—		—		2.7
Fire & Safety/Diversified Products	2.5		—		—		2.5
Corporate/Other	0.4		—		0.6		1.0
Total restructuring costs	$	8.5	$	0.2	$	3.1	$	11.8

2019 Initiative

During the year ended December 31, 2019, the Company incurred severance costs related to employee reductions and exit costs related to early lease terminations. In addition, in the second quarter of 2019, the Company began to evaluate strategic alternatives for one of its businesses in the HST segment. Prior to making a final decision on the options that were presented for this business, the business was informed of the loss of its largest customer. As a result, the Company accelerated its restructuring activities for this business and a decision was made to wind down the business over time. This event required an interim impairment test be performed on the long-lived tangible and intangible assets of the business, which resulted in an impairment charge of $9.7 million. The Company also consolidated one of its facilities into the Optics Center of Excellence in Rochester, New York, which resulted in an impairment charge of $0.4 million related to a building right-of-use asset.

Pre-tax restructuring expenses and asset impairments by segment for the 2019 initiative were as follows:

	Severance Costs		Exit Costs		Asset Impairments		Total
	(In millions)
Fluid & Metering Technologies	$	2.9	$	—	$	—	$	2.9
Health & Science Technologies	3.0		1.0		10.2		14.2
Fire & Safety/Diversified Products	1.3		—		—		1.3
Corporate/Other	2.6		—		—		2.6
Total restructuring costs	$	9.8	$	1.0	$	10.2	$	21.0

Restructuring accruals reflected in Accrued expenses in the Company’s Consolidated Balance Sheets are as follows:

	Restructuring Initiatives
	(In millions)
Balance at January 1, 2020	$	6.1
Restructuring expenses(1)	8.8
Payments, utilization and other	(11.0)
Balance at December 31, 2020	3.9
Restructuring expenses(2)	8.5
Payments, utilization and other	(9.6)
Balance at December 31, 2021	$	2.8

(1) Excludes $2.9 million of asset impairments related to property, plant and equipment and right-of-use assets.

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