Business Reorganizations

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

In June 2020, the Company announced restructuring and workforce reduction actions ("2020 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 primarily related to employee severance and termination benefits. These actions were substantially complete as of December 31, 2020 and reduced the Company’s global workforce by approximately 8%. A corresponding liability of $100, per below, remained and was included within accrued liabilities as of December 31, 2022. The Company does not expect any additional costs related to the 2020 Actions. The employee termination costs are recorded primarily within Selling and Administrative Expenses in the accompanying Consolidated Statements of Income. Of the aggregate charges recorded, $2,251 was reflected within the results of the Aerospace segment, $15,907 was reflected within the results of the Industrial segment and $958 of pension curtailment and settlement losses were included in Other expense (income), net.

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


January 1, 2021	$	13,151
Employee severance and other termination benefits		(2,224)
Payments		(9,705)
December 31, 2021		1,222
Employee severance and other termination benefits		(321)
Payments		(801)
December 31, 2022	$	100

In 2021, the Company initiated additional restructuring actions ("2021 Actions") at a number of locations. The 2021 Actions included a transfer of manufacturing capabilities to leverage existing capacity which is expected to reduce labor and infrastructure costs. The 2021 Actions resulted in pre-tax charges of $2,869, primarily related to employee severance and termination benefits, in 2021 and net benefits of $465 in 2022 and have been recorded within Selling and Administrative Expenses in the accompanying Consolidated Statements of Income. The Company does not expect any additional costs related to the 2021 Actions.

In 2022, the Company authorized additional restructuring 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. Resulting pre-tax charges of $17,986 were recorded in 2022. Of the aggregate, $11,880 related to employee termination costs, primarily employee severance and other termination benefits, which are expected to be paid in cash by the end of 2023 and which are recorded within Selling and Administrative Expenses in the accompanying Consolidated Statements of Income. The remaining $6,106 included $3,186 of accelerated depreciation of assets and $1,417 of pension curtailment losses and special termination benefits which are recorded in Cost of sales and Other expense (income), net, respectively, in the accompanying Consolidated Statements of Income. A corresponding liability of $10,900, per below, related to the employee termination costs remained and was included within accrued liabilities as of December 31, 2022. The Company expects to incur additional costs of approximately $11,000 in 2023 related to the 2022 Actions, which are expected to be completed in 2023.

The following table sets forth the change in the liability for the employee termination costs related to the 2022 Actions:


January 1, 2022	$	—
Employee severance and other termination benefits	11,880
Payments	(980)
December 31, 2022	$	10,900