Restructuring

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

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 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.

For the three month period ended June 30, 2021, expense of $6.8 million was recognized within “Other operating expense, net” in the Condensed Consolidated Statements of Operations ($2.5 million for Industrial Technologies and Services, $(0.2) million for Precision and Science Technologies and $4.5 million for Corporate). For the six month period ended June 30, 2021, expense of $9.2 million was recognized within “Other operating expense, net” in the Condensed Consolidated Statements of Operations ($4.2 million for Industrial Technologies and Services, $0.1 million for Precision and Science Technologies and $4.9 million for Corporate). Through June 30, 2021, we recognized expense related to the 2020 Plan of $74.5 million, $7.0 million and $10.9 million for Industrial Technologies and Services, Precision and Science Technologies and Corporate, respectively.

The following table summarizes the activity associated with the Company’s restructuring programs for the six month period ended June 30, 2021.


	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Balance at beginning of period	$	11.9	$	27.8	$	17.5	$	4.8
Charged to expense - termination benefits	6.2		29.7		8.6		64.9
Charged to expense - other	0.6		(0.3)		0.6		2.5
Payments	(4.2)		(26.3)		(11.8)		(41.3)
Currency translation adjustment and other	0.2		(1.9)		(0.2)		(1.9)
Balance at end of period	$	14.7	$	29.0	$	14.7	$	29.0