Restructuring

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

2023 Actions

The Company continues to undertake restructuring actions to optimize our cost structure. Charges incurred from actions taken in 2023 include workforce restructuring, facility consolidation and other exit and disposal costs. For the year ended December 31, 2023, we recognized expense of $10.8 million within Industrial Technologies and Services, $4.3 million within Precision and Science Technologies, and $0.4 million in Corporate 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 December 31, 2023, we have recognized cumulative expense related to the 2020 Plan of $130.1 million, comprising $103.1 million, $15.4 million and $11.6 million for Industrial Technologies and Services, Precision and Science Technologies and Corporate, respectively. The Company does not expect remaining expense under the 2020 Plan to be material.

For the years ended December 31, 2023, 2022 and 2021, “Restructuring charges, net” were recognized within “Other operating expense, net” in the Consolidated Statements of Operations and consisted of the following.

	2023		2022		2021
Industrial Technologies and Services	$	15.1	$	20.1	$	8.4
Precision and Science Technologies	4.1		8.7		—
Corporate	0.7		0.5		5.0
Restructuring charges, net	$	19.9	$	29.3	$	13.4

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, 2023 and 2022.

	2023		2022
Balance at beginning of period	$	14.9	$	12.3
Charged to expense - termination benefits	13.0		16.9
Charged to expense - other(1)	4.2		6.4
Payments	(17.1)		(20.6)
Foreign currency translation and other	0.5		(0.1)
Balance at end of period	$	15.5	$	14.9

(1)Excludes $2.7 million and $6.0 million of non-cash charges that impacted restructuring expense but not the restructuring liabilities during the years ended December 31, 2023 and 2022, respectively.