2. Restructuring

During 2012, the Company recorded restructuring costs as a part of 2011 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. 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. 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 nine months using cash from operations.

Pre-tax restructuring expenses, by segment, for the quarter ended March 31, 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 $4.2 million and $10.9 million at March 31, 2013 and December 31, 2012, respectively, are reflected in Accrued expenses in the Consolidated Balance Sheets as follows:


(In thousands)
Balance at January 1, 2013	$	10,887
Restructuring expenses		—
Payments/utilization		(6,682	)

Balance at March 31, 2013	$	4,205