RESTRUCTURING ACTIONS RESTRUCTURING ACTIONS

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

RESTRUCTURING ACTIONS

RESTRUCTURING ACTIONS

We have initiated various restructuring actions throughout our businesses during the past two years, including the 2020 Global Restructuring Plan described below. There were no other restructuring actions considered individually significant. The following table summarizes the total restructuring costs presented separately in our Consolidated Condensed Statements of Operations for the three and nine months ended September 30, 2020 and 2019.

	Three Months				Nine Months
For the Periods Ended September 30	2020		2019		2020		2019
Severance and other employee-related	$	10.9	$	6.5	$	41.8	$	10.5
Other	0.6		0.2		0.7		0.4
Total restructuring costs	$	11.5	$	6.7	$	42.5	$	10.9
By segment:
Motion Technologies	$	—	$	0.7	$	14.0	$	4.5
Industrial Process	10.2		5.1		18.1		5.5
Connect & Control Technologies	1.3		0.9		8.0		0.8
Corporate and Other	—		—		2.4		0.1

The following table displays a rollforward of the restructuring accruals, presented on our Consolidated Condensed Balance Sheet within accrued liabilities, for the nine months ended September 30, 2020 and 2019.

	2020		2019
Beginning balance - January 1	$	7.5	$	6.7
Restructuring costs	43.3		11.6
Reversal of prior accruals	(0.8)		(0.7)
Cash payments	(24.5)		(7.8)
Foreign exchange translation and other	0.7		(0.4)
Ending balance - September 30	$	26.2	$	9.4
By accrual type:
Severance and other employee-related	$	25.8	$	9.1
Other	0.4		0.3

2020 Global Restructuring Plan

During 2020, the Company initiated an organizational-wide restructuring plan to reduce the overall cost structure of the Company primarily in response to an anticipated reduction in demand from the COVID-19 pandemic. As a result, the Company expects to incur cash restructuring charges of $55.0, principally related to involuntary severance costs, and expects these actions to be substantially complete in 2020. The table below summarizes the total expected restructuring costs and the total restructuring costs incurred to date by segment related to the 2020 Global Restructuring Plan.

	Expected Costs		Incurred to Date
Motion Technologies	$	14.0	$	14.0
Industrial Process	27.7		18.6
Connect & Control Technologies	10.9		8.3
Corporate and Other	2.4		2.4
Total	$	55.0	$	43.3

The following table displays a rollforward of the restructuring accruals related to the 2020 Global Restructuring Plan:

Beginning balance - January 1	$	—
Restructuring costs	43.3
Cash payments	(19.8)
Foreign exchange translation and other	0.4
Ending balance - September 30	$	23.9