Business Reorganization

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Business Reorganization

Business ReorganizationIn June 2020, the Company announced restructuring and workforce reduction actions ("Actions") to be implemented across its businesses and functions in response to the macroeconomic disruption in global industrial and aerospace end markets arising from COVID-19. During 2020, a resulting pre-tax charge of $19,116 was recorded ($18,158 through operating profit), primarily related to employee severance and termination benefits (recorded largely during the second quarter of 2020). These actions were substantially complete as of December 31, 2020 and reduced the Company’s global workforce by approximately

8%. A corresponding liability of $6,715, per below, was included within accrued liabilities as of March 31, 2021. The Company does not expect any additional costs related to the Actions to be significant.

The following table sets forth the change in the liability related to these actions:

December 31, 2020	$	13,151
Payments	(6,436)
March 31, 2021	$	6,715