XML 31 R14.htm IDEA: XBRL DOCUMENT v3.22.0.1
Restructuring
12 Months Ended
Dec. 31, 2021
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. Through December 31, 2021, we recognized expense related to the 2020 Plan of $96.4 million, comprising $78.7 million, $6.9 million and $10.8 million for Industrial Technologies and Services, Precision and Science Technologies and Corporate, respectively. The Company expects total expense for workforce restructuring, facility consolidation and other exit and disposal activities under the 2020 Plan to be approximately $100 million to $115 million.
For the years ended December 31, 2021 and 2020, “Restructuring charges, net” were recognized within “Other operating expense, net” in the Consolidated Statements of Operations and consisted of the following.
20212020
Industrial Technologies and Services$8.4 $70.3 
Precision and Science Technologies— 6.9 
Corporate5.0 5.8 
Restructuring charges, net$13.4 $83.0 
The following table summarizes the activity associated with the Company’s restructuring programs (included in “Accrued liabilities” in the Consolidated Balance Sheets) for the years ended December 31, 2021 and 2020, respectively.
20212020
Balance at beginning of the period$17.5 $4.8 
Charged to expense - termination benefits9.6 73.5 
Charged to expense - other(1)
2.7 3.3 
Acquired restructuring— 5.1 
Payments(15.9)(70.1)
Foreign currency translation and other(1.6)0.9 
Balance at end of the period$12.3 $17.5 
(1)Excludes $1.1 million and $6.2 million of non-cash charges that impacted restructuring expense but not the restructuring liabilities during the years ended December 31, 2021 and 2020, respectively.
Restructuring Program 2018 to 2019
In the third quarter of 2018, the Company announced a restructuring program that primarily involved workforce reductions and facility consolidation. This restructuring program was completed as of December 31, 2020.