Restructuring

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

Restructuring Program 2020 to 2022

Subsequent to the acquisition of and merger with the Industrial business of Ingersoll-Rand plc (“Ingersoll Rand Industrial”) in the first quarter of 2020 (the “Merger”), 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 September 30, 2022, we have recognized cumulative expense related to the 2020 Plan of $124.5 million, comprised of $96.7 million, $16.3 million and $11.5 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 $123 million to $138 million.

For the three and nine month periods ended September 30, 2022 and 2021, “Restructuring charges, net” were recognized within “Other operating expense, net” in the Condensed Consolidated Statement of Operations and consisted of the following.

	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2022		2021		2022		2021
Industrial Technologies and Services	$	5.7	$	1.0	$	18.0	$	5.2
Precision and Science Technologies	1.3		—		9.4		0.1
Corporate	(0.3)		0.1		0.7		5.0
Restructuring charges, net	$	6.7	$	1.1	$	28.1	$	10.3

The following table summarizes the activity associated with the Company’s restructuring programs for the three and nine month periods ended September 30, 2022 and 2021.

	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2022		2021		2022		2021
Balance at beginning of period	$	18.0	$	14.7	$	12.3	$	17.5
Charged to expense - termination benefits	4.1		0.2		16.6		8.8
Charged to expense - other (1)	1.4		0.9		5.5		1.5
Payments	(3.9)		(3.0)		(12.1)		(14.8)
Currency translation adjustment and other	(1.9)		(0.2)		(4.6)		(0.4)
Balance at end of period	$	17.7	$	12.6	$	17.7	$	12.6

(1)Excludes $1.2 million and $6.0 million of non-cash charges that impacted restructuring expense but not the restructuring liabilities during the three and nine month periods ended September 30, 2022, respectively.