Restructuring

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

Restructuring Program 2020 to 2022

Subsequent to the acquisition of Ingersoll Rand Industrial, the Company announced a restructuring program (“2020 Plan”) to create efficiencies and synergies, reduce the number of facilities and optimize operating margin within the merged Company. The Company expects to incur total expenses of approximately $350.0 million related to workforce reductions, lease termination costs, other facility rationalization costs and other business related transformation costs from 2020 until 2022. The Company expects to realize approximately $250.0 million in annualized cost synergies by the end of 2022. The Company continues to evaluate operating efficiencies and anticipates incurring additional costs in the coming years in connection with these activities, but is unable to estimate those amounts at this time as such plans are not yet finalized.

Through September 30, 2020, expense of $84.4 million was recognized within “Other operating expense, net” in the Condensed Consolidated Statements of Operations ($66.9 million for Industrial Technologies and Services, $5.6 million for Precision and Science Technologies, $6.1 million for High Pressure Solutions, $0.9 million for Specialty Vehicle Technologies and $4.9 million for Corporate).

The following table summarizes the activity associated with the Company’s restructuring programs for the nine month period ended September 30, 2020.

	Total
Balance as of December 31, 2019	$	5.0
Charged to expense - termination benefits	72.5
Charged to expense - other (1)	4.4
Payments	(59.4)
Currency translation adjustment and other	0.4
Balance as of September 30, 2020	$	22.9

(1) Excludes $7.5 million of non-cash charges that impacted restructuring expense but not the restructuring liabilities during the nine month period ended September 30, 2020 .