Restructuring

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

2023 Actions

In 2023, the Company executed restructuring actions to optimize our cost structure. Charges include workforce restructuring, facility consolidation and other exit and disposal costs. We continue to review our cost structure in the context of footprint, recent acquisitions, and the macroeconomic environment which may result in further restructuring actions throughout the year. For the six month period ended June 30, 2023, we have recognized expense of $1.9 million within Industrial Technologies and Services and $1.4 million within Precision and Science Technologies related to the 2023 actions.

Prior Year Actions

Subsequent to the acquisition of and merger with the Industrial business of Ingersoll-Rand plc (“Ingersoll Rand Industrial”) in 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 June 30, 2023, we have recognized cumulative expense related to the 2020 Plan of $130.5 million, comprising $103.8 million, $15.2 million and $11.5 million for Industrial Technologies and Services, Precision and Science Technologies and Corporate, respectively. The Company expects to complete all actions by the end of 2023, and does not expect remaining expense under the 2020 Plan to be material.

For the three and six month periods ended June 30, 2023 and 2022, “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 June 30,				For the Six Month Period Ended June 30,
	2023		2022		2023		2022
Industrial Technologies and Services	$	3.8	$	8.7	$	6.9	$	12.3
Precision and Science Technologies	1.4		0.5		1.0		8.1
Corporate	—		(0.3)		0.2		1.0
Restructuring charges, net	$	5.2	$	8.9	$	8.1	$	21.4

The following table summarizes the activity associated with the Company’s restructuring programs for the three and six month periods ended June 30, 2023 and 2022.


	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2023		2022		2023		2022
Balance at beginning of period	$	13.4	$	16.9	$	14.9	$	12.3
Charged to expense - termination benefits	2.4		4.2		3.3		12.5
Charged to expense - other (1)	1.8		2.1		2.9		4.1
Payments	(7.2)		(3.3)		(10.8)		(8.2)
Currency translation adjustment and other	0.1		(1.9)		0.2		(2.7)
Balance at end of period	$	10.5	$	18.0	$	10.5	$	18.0

(1)Excludes $1.0 million and $2.6 million of non-cash charges that impacted restructuring expense but not the restructuring liabilities during the three month periods ended June 30, 2023 and 2022, respectively, and $1.9 million and $4.8 million for the six month periods then ended, respectively.