Restructuring Activities

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring Activities

9. Restructuring Activities

The Company's restructuring charges by segment were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Engineered Products	$	1,486	$	3,938	$	1,978	$	4,477
Clean Energy & Fueling	1,925		5,847		6,890		15,991
Imaging & Identification	2,081		865		2,841		1,204
Pumps & Process Solutions	1,614		3,303		2,965		4,629
Climate & Sustainability Technologies	1,953		1,205		13,023		1,447
Corporate	78		1,241		95		1,127
Total	$	9,137	$	16,399	$	27,792	$	28,875
These amounts are classified in the condensed consolidated statements of earnings as follows:
Cost of goods and services	$	5,217	$	5,682	$	19,140	$	9,155
Selling, general and administrative expenses	3,920		10,717		8,652		19,720
Total	$	9,137	$	16,399	$	27,792	$	28,875

The restructuring expenses of $9,137 incurred during the three months ended June 30, 2024 were primarily related to exit costs and headcount reductions across all segments. The restructuring expenses of $27,792 incurred during the six months ended June 30, 2024 were primarily related to product line exit costs and headcount reductions in the Climate & Sustainability Technologies and Clean Energy & Fueling segments. These restructuring programs were initiated in 2023 and 2024 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends.

The Company’s severance and exit accrual activities were as follows:

	Severance		Exit			Total
Balance at January 1, 2024	$	18,646	$	3,113		$	21,759
Restructuring charges	8,268		19,524		(1)	27,792
Payments	(14,392)		(4,655)			(19,047)
Other, including foreign currency translation	(314)		(14,282)		(1)	(14,596)
Balance at June 30, 2024	$	12,208	$	3,700		$	15,908

(1) Exit reserves activity includes non-cash asset charges related to a product line exit within the Climate & Sustainability Technologies segment.