XML 49 R31.htm IDEA: XBRL DOCUMENT v3.20.4
Restructuring Actions
12 Months Ended
Dec. 31, 2020
Restructuring and Related Activities [Abstract]  
Restructuring Actions
RESTRUCTURING ACTIONS
We have initiated various restructuring actions throughout our businesses during the past three 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 year ended December 31, 2020, 2019, and 2018.
202020192018
By component:
Severance costs and other employee-related
$41.5 $12.4 $4.5 
Other
1.5 0.4 0.7 
Total restructuring costs$43.0 $12.8 $5.2 
By segment:
Motion Technologies
$12.7 $4.9 $2.3 
Industrial Process
19.5 5.7 0.1 
Connect & Control Technologies
8.5 2.0 2.1 
Corporate and Other
2.3 0.2 0.7 
The following table displays a rollforward of the restructuring accruals, presented on our Consolidated Balance Sheet within accrued liabilities, for the years ended December 31, 2020 and 2019.
20202019
Restructuring accruals - beginning balance$7.5 $6.7 
Restructuring costs
44.1 13.4 
Reversal of prior accruals(1.1)(0.6)
Cash payments
(33.0)(11.7)
Foreign exchange translation and other
1.6 (0.3)
Restructuring accrual - ending balance$19.1 $7.5 
By accrual type:
Severance and other employee-related
$18.6 $7.2 
Other
0.5 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 incurred restructuring costs of $43.8 during 2020, principally related to involuntary severance costs, and expects to incur additional restructuring charges of $7.3 during 2021. The table below summarizes the total restructuring costs incurred to through December 31, 2020 and total expected restructuring costs by segment related to the 2020 Global Restructuring Plan.
Incurred
to Date
Expected Costs
Motion Technologies$12.7 $12.7 
Industrial Process19.9 22.6 
Connect & Control Technologies8.8 13.4 
Corporate and Other2.4 2.4 
Total$43.8 $51.1 
The following table displays a rollforward of the restructuring accruals related to the 2020 Global Restructuring Plan:
Beginning balance - January 1$— 
Restructuring costs43.8 
Cash payments(27.9)
Foreign exchange translation and other1.2 
Ending balance - December 31$17.1