Business Reorganization

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

Business Reorganizations

In June 2020, the Company announced restructuring and workforce reduction actions ("Actions") which were 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 $1,105, per below, remained and was included within accrued liabilities as of March 31, 2022. 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, 2021	$	1,222
Payments	(117)
March 31, 2022	$	1,105

In 2021, the Company initiated additional restructuring actions ("Restructurings") at a number of locations. The Restructurings included a transfer of manufacturing capabilities to leverage existing capacity which is expected to reduce labor and infrastructure costs. The Restructurings resulted in pre-tax charges of $2,869, primarily related to employee severance and termination benefits, in 2021 (recorded primarily during the second and fourth quarters of 2021) and $616 in the first quarter of 2022. The Company expects to incur additional charges of approximately $1,200 related to these Restructurings through the remainder of 2022.