Restructuring

During 2012 and 2011 the Company recorded restructuring costs as a part of the 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.

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 were fully paid in 2013 using cash from operations.

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

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



	2011 Initiative
	(In thousands)
Balance at January 1, 2012	$	5,875
Restructuring expenses	32,473
Payments, utilization and other	(27,461		)
Balance at December 31, 2012	10,887
Restructuring expenses	—
Payments, utilization and other	(10,887		)
Balance at December 31, 2013	$	—