Restructuring

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

Subsequent to the acquisition of and merger with 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, 2022, we recognized expense related to the 2020 Plan of $125.7 million, comprising $98.8 million, $15.6 million and $11.3 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 $127 million to $138 million.

For the years ended December 31, 2022, 2021 and 2020, “Restructuring charges, net” were recognized within “Other operating expense, net” in the Consolidated Statements of Operations and consisted of the following.

	2022		2021		2020
Industrial Technologies and Services	$	20.1	$	8.4	$	70.3
Precision and Science Technologies	8.7		—		6.9
Corporate	0.5		5.0		5.8
Restructuring charges, net	$	29.3	$	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, 2022 and 2021.

	2022		2021
Balance at beginning of the period	$	12.3	$	17.5
Charged to expense - termination benefits	16.9		9.6
Charged to expense - other(1)	6.4		2.7
Payments	(20.6)		(15.9)
Foreign currency translation and other	(0.1)		(1.6)
Balance at end of the period	$	14.9	$	12.3

(1)Excludes $6.0 million and $1.1 million of non-cash charges that impacted restructuring expense but not the restructuring liabilities during the years ended December 31, 2022 and 2021, respectively.