Restructuring Activities

12 Months Ended

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

11. Restructuring Activities

The Company initiated various restructuring programs and incurred severance and other restructuring costs by segment as follows:


	Years Ended December 31,
	2019		2018		2017
Engineered Products	$	3,155	$	7,158	$	3,991
Fueling Solutions	4,943		15,478		9,968
Imaging & Identification	6,426		13,882		8,076
Pumps & Process Solutions	5,666		10,266		6,379
Refrigeration & Food Equipment	3,671		3,475		14,070
Corporate	2,961		8,244		9,776
Total	$	26,822	$	58,503	$	52,260
These amounts are classified in the Consolidated Statements of Earnings as follows:
Cost of goods and services	$	8,910	$	16,921	$	16,658
Selling, general and administrative expenses	17,912		41,582		35,602

Total	$	26,822	$	58,503	$	52,260

Total restructuring charges of $26,822 incurred during the year ended December 31, 2019, were a result of restructuring programs initiated in 2018 and 2019. Restructuring expense was comprised primarily of broad-based selling, general and administrative expense reduction initiatives and broad-based operational efficiency initiatives focusing on footprint consolidation, operational optimization and IT centralization designed to increase operating margin, enhance operations and position the Company for sustained growth and investment. The Company expects to incur total charges of approximately $8 million in 2020 for these initiatives. Additional programs, beyond the scope of the announced programs may be implemented during 2020 with related restructuring charges.

The $26,822 of restructuring charges incurred during 2019 included the following programs:

•The Engineered Products segment recorded $3,155 of restructuring charges related to programs across the segment focused on headcount reductions and facility restructuring costs.

•The Fueling Solutions segment recorded $4,943 of restructuring charges principally related to headcount reductions.

•The Imaging & Identification segment recorded $6,426 of restructuring charges principally related to headcount reductions.

•The Pumps & Process Solutions segment recorded $5,666 of restructuring charges principally related to headcount reductions.

•The Refrigeration & Food Equipment segment recorded $3,671, of restructuring charges primarily due to headcount reductions and facility restructuring costs.

•Corporate recorded $2,961 of restructuring charges primarily related to headcount reductions.

Restructuring expenses incurred in 2018 and 2017 also included headcount reduction, targeted facility consolidations at certain businesses and actions taken to optimize the Company's cost structure.

The following table details the Company’s severance and other restructuring accrual activities:


	Severance		Exit			Total
Balance at January 1, 2017	$	10,658	$	1,230		$	11,888
Restructuring charges	32,228		20,032			52,260
Payments	(16,898)		(5,707)			(22,605)
Other, including foreign currency translation	(1,033)		(9,239)		⁽¹⁾	(10,272)
Balance at December 31, 2017	24,955		6,316			31,271
Restructuring charges	45,146		13,357			58,503
Payments	(43,287)		(8,713)			(52,000)
Other, including foreign currency translation	(2,530)		(7,080)		⁽¹⁾	(9,610)
Balance at December 31, 2018	24,284		3,880			28,164
Restructuring charges	20,271		6,551			26,822
Payments	(29,887)		(3,383)			(33,270)
Other, including foreign currency translation	(917)		(4,409)		⁽¹⁾	(5,326)
Balance at December 31, 2019	$	13,751	$	2,639		$	16,390

⁽¹⁾ Other activity in exit reserves primarily represents the non-cash write-off of certain long-lived assets and inventory in connection with certain facility closures and product exits.

The restructuring accrual balances at December 31, 2019 primarily reflect restructuring plans initiated during the year.