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 consisted of severance benefits through payroll continuation, COBRA subsidies, outplacement services, conditional separation costs and employer tax liabilities, while exit costs primarily consisted of asset disposals or impairments, the termination of a defined benefit plan, legal costs and relocation charges. During the three and six months ended June 30, 2012, the Company recorded $2.6 million and $7.5 million, respectively, 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 406 employees. These initiatives were completed by the end of 2012 and no further restructuring is currently planned. Severance payments are expected to be fully paid in the next six months using cash from operations.

Pre-tax restructuring expenses, by segment, for the three months ended June 30, 2012, were as follows:


	Severance Costs		Exit Costs		Total
	(In thousands)
Fluid & Metering Technologies	$	309	$	10	$	319
Health & Science Technologies		757		395		1,152
Fire & Safety/Diversified Products		280		748		1,028
Corporate/Other		82		—		82

Total restructuring costs	$	1,428	$	1,153	$	2,581

Pre-tax restructuring expenses, by segment, for the six months ended June 30, 2012, were as follows:


	Severance Costs		Exit Costs		Total
	(In thousands)
Fluid & Metering Technologies	$	2,968	$	10	$	2,978
Health & Science Technologies		1,907		700		2,607
Fire & Safety/Diversified Products		280		1,292		1,572
Corporate/Other		163		199		362

Total restructuring costs	$	5,318	$	2,201	$	7,519

Restructuring accruals of $1.3 million and $10.9 million at June 30, 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		(9,555	)

Balance at June 30, 2013	$	1,332