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 consisted of asset disposals or impairments, the termination of a defined benefit plan, legal costs and relocation charges. During the three and nine months ended September 30, 2012, the Company recorded $7.1 million and $14.6 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 226 employees. These initiatives were completed by the end of 2012 and severance payments are expected to be fully paid by December 31, 2013 using cash from operations.

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



	Severance Costs		Exit Costs		Total
	(In thousands)
Fluid & Metering Technologies	$	698	$	26	$	724
Health & Science Technologies	2,700		475		3,175
Fire & Safety/Diversified Products	450		1,618		2,068
Corporate/Other	1,118		—		1,118
Total restructuring costs	$	4,966	$	2,119	$	7,085

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



	Severance Costs		Exit Costs		Total
	(In thousands)
Fluid & Metering Technologies	$	3,666	$	36	$	3,702
Health & Science Technologies	4,607		1,175		5,782
Fire & Safety/Diversified Products	730		2,910		3,640
Corporate/Other	1,281		199		1,480
Total restructuring costs	$	10,284	$	4,320	$	14,604

Restructuring accruals of $0.6 million and $10.9 million at September 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	(10,279		)
Balance at September 30, 2013	$	608