2. Restructuring

During 2011, the Company began recording restructuring costs as a result of initiatives that support the implementation of key strategic efforts designed to facilitate long-term sustainable growth through cost reduction actions, primarily consisting of employee reductions and facility rationalization. The costs incurred related to these initiatives are included in Restructuring expenses in the Consolidated Statements of Operations while the restructuring accruals are included in Accrued expenses in our Consolidated Balance Sheets.

During the three months ended March 31, 2012, the Company recorded $4.9 million of pre-tax restructuring expenses related to its 2011 restructuring initiative for employee severance related to employee reductions across various functional areas as well as facility rationalization. The 2011 restructuring initiatives included severance benefits for 337 employees.

Pre-tax restructuring expenses, by segment, for 2012, were as follows:


	Severance Costs		Exit Costs		Total
	(In thousands)
Fluid & Metering Technologies	$	2,659	$	—	$	2,659
Health & Science Technologies		1,150		305		1,455
Fire & Safety/Diversified Products		—		544		544
Corporate/Other		81		199		280

Total restructuring costs	$	3,890	$	1,048	$	4,938

Restructuring accruals of $5.3 million and $5.9 million at March 31, 2012 and December 31, 2011, respectively, are reflected in Accrued expenses in our Consolidated Balance Sheets as follows:


	(In thousands)
Balance at January 1, 2012	$	5,875
Restructuring expenses		4,938
Payments/utilization		(5,560	)

Balance at March 31, 2012	$	5,253