2.	Restructuring

During 2012, 2011 and 2010, the Company recorded restructuring costs as a part of the 2011 and 2009 restructuring 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 related accruals are included in Accrued expenses in the Consolidated Balance Sheets. 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 asset disposals or impairments, the termination of a defined benefit plan, legal costs and relocation charges.

2011 Initiatives

During 2012 and 2011, the Company recorded pre-tax restructuring expenses totaling $32.5 million and $12.3 million, respectively, related to our 2011 restructuring initiative for exit costs and employee severance related to employee reductions across various functional areas as well as facility rationalization. The 2011 restructuring initiatives included severance benefits for 491 employees in 2012 and 292 employees in 2011. The 2011 initiative was completed by the end of 2012 and no further restructuring is currently planned. Severance payments are expected to be fully paid in the next 12 months using cash from operations.

2009 Initiatives

During 2010, the Company recorded $11.1 million of pre-tax restructuring expenses related to our 2009 restructuring initiative for employee severance related to employee reductions across various functional areas as well as facility closures resulting from the Company’s cost savings initiatives. The 2009 restructuring initiative included severance benefits for over 700 employees. The 2009 initiatives were substantially complete by the end of 2010, with restructuring charges totaling $23.2 million for the program.

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


	Severance Costs		Exit Costs		Total
	(In thousands)
Fluid & Metering Technologies	$	6,226	$	36	$	6,262
Health & Science Technologies		11,223		3,521		14,744
Fire & Safety/Diversified Products		3,226		5,114		8,340
Corporate/Other		2,844		283		3,127

Total restructuring costs	$	23,519	$	8,954	$	32,473

Pre-tax restructuring expenses by segment, for 2011, were as follows:


	Severance Costs		Exit Costs		Total
	(In thousands)
Fluid & Metering Technologies	$	2,800	$	61	$	2,861
Health & Science Technologies		2,007		123		2,130
Fire & Safety/Diversified Products		4,430		797		5,227
Corporate/Other		2,096		—		2,096

Total restructuring costs	$	11,333	$	981	$	12,314

Pre-tax restructuring expenses by segment, for 2010, were as follows:


	Severance Costs		Exit Costs		Total
	(In thousands)
Fluid & Metering Technologies	$	2,630	$	320	$	2,950
Health & Science Technologies		3,511		1,650		5,161
Fire & Safety/Diversified Products		1,230		—		1,230
Corporate/Other		1,754		—		1,754

Total restructuring costs	$	9,125	$	1,970	$	11,095

Restructuring accruals of $10.9 million and $5.9 million at December 31, 2012 and 2011, respectively, are reflected in Accrued expenses in our Consolidated Balance Sheets as follows:


	2011 Initiative			2009 Initiative			Total
	(In thousands)
Balance at January 1, 2011	$	—		$	3,543		$	3,543
Restructuring expenses		12,314			—			12,314
Payments, utilization and other		(6,439	)		(3,543	)		(9,982	)

Balance at December 31, 2011		5,875			—			5,875
Restructuring expenses		32,473			—			32,473
Payments, utilization and other		(27,461	)		—			(27,461	)

Balance at December 31, 2012	$	10,887		$	—		$	10,887