Restructuring Expenses and Asset Impairments

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring Expenses and Asset Impairments

During the three months ended March 31, 2022 and 2021, the Company incurred restructuring expenses and asset impairments of $0.6 million and $2.2 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 Condensed 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.

2022 Initiative

During the three months ended March 31, 2022, the Company incurred severance costs related to employee reductions.

Pre-tax restructuring expenses and asset impairments by segment for the three months ended March 31, 2022 were as follows:


	Three Months Ended March 31, 2022
	Severance Costs		Exit Costs		Asset Impairment		Total
Fluid & Metering Technologies	$	0.3	$	—	$	—	$	0.3
Health & Science Technologies	0.1		—		—		0.1
Fire & Safety/Diversified Products	—		—		—		—
Corporate/Other	0.2		—		—		0.2
Total restructuring costs	$	0.6	$	—	$	—	$	0.6

2021 Initiative

During the three months ended March 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 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	$	0.8	$	—	$	0.1	$	0.9
Health & Science Technologies	0.6		—		—		0.6
Fire & Safety/Diversified Products	0.1		—		—		0.1
Corporate/Other	0.6		—		—		0.6
Total restructuring costs	$	2.1	$	—	$	0.1	$	2.2

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


	Restructuring Initiatives
Balance at January 1, 2022	$	2.8
Restructuring expenses	0.6
Payments, utilization and other	(2.2)
Balance at March 31, 2022	$	1.2