Restructuring

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

2024 and 2023 Actions

The Company continues to undertake restructuring actions to optimize our cost structure. Charges incurred from actions taken in 2024 and 2023 include workforce restructuring, facility consolidation and other exit and disposal costs.

2022 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. Charges incurred in 2022 relate to the 2020 Plan.

For the years ended December 31, 2024, 2023 and 2022, “Restructuring charges, net” were recognized within “Other operating expense, net” in the Consolidated Statements of Operations and consisted of the following.

	2024		2023		2022
Industrial Technologies and Services	$	20.6	$	15.1	$	20.1
Precision and Science Technologies	7.9		4.1		8.7
Corporate	2.7		0.7		0.5
Restructuring charges, net	$	31.2	$	19.9	$	29.3

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, 2024 and 2023.

	2024		2023
Balance at beginning of period	$	15.5	$	14.9
Charged to expense - termination benefits	27.1		13.0
Charged to expense - other(1)	2.5		4.2
Payments	(21.6)		(17.1)
Foreign currency translation and other	(1.2)		0.5
Balance at end of period	$	22.3	$	15.5

(1)Excludes $1.6 million and $2.7 million of non-cash charges that impacted restructuring expense but not the restructuring liabilities during the years ended December 31, 2024 and 2023, respectively.