Subsequent Event

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On July 26, 2022, the Company authorized restructure actions (“2022 Actions”) focused on the consolidation of two manufacturing sites and a number of branch offices, and changes in infrastructure to eliminate certain roles across a number of locations in the Industrial segment businesses.

The pretax charges associated with the 2022 Actions are expected to approximate $24,000, with approximately $17,000 of the charges being recorded in the second half of 2022, primarily through operating profit. Of the aggregate, approximately $10,000

relates to employee termination costs, primarily employee severance and other termination benefits, and are to be paid in cash, and approximately $14,000 relates to other associated costs, of which approximately $5,000 are to be paid in cash, with the balance being non-cash charges inclusive of accelerated depreciation of assets. The Actions are expected to be completed in 2023. The Company anticipates annualized cost savings of approximately $14,000 from the 2022 Actions.