Business Reorganizations

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Business Reorganizations

Business Reorganizations    In June 2020, the Company announced restructuring and workforce reduction actions ("Actions") to be implemented across its businesses and functions in response to the macroeconomic disruption in global industrial and aerospace end-markets arising from COVID-19. A resulting pre-tax charge of $19,116 was recorded, primarily related to employee severance and other termination benefits, with the amounts expected to be paid by the end of 2021. The Actions were substantially complete as of December 31, 2020 and reduced the Company’s global workforce by approximately 8%. A corresponding liability of $13,151, per below, was included within accrued liabilities as of December 31, 2020. The Company expects to incur additional costs of approximately $1,000 in the first half of 2021 related to the Actions. The employee termination costs are recorded primarily within Selling and Administrative Expenses in the accompanying Consolidated Statements of Income. Of the aggregate charges recorded, $2,251 is reflected within the results of the Aerospace segment, $15,907 is reflected within the results of the Industrial segment and $958 of pension curtailment and settlement losses is included in Other expense (income), net.

The following table sets forth the change in the liability related to these actions:

December 31, 2019	$	—
Employee severance and other termination benefits	17,413
Payments	(4,262)
December 31, 2020	$	13,151