| 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, | | | 2026 | | 2025 | | 2026 | | 2025 | | Engineered Products | $ | 5,087 | | | $ | 563 | | | $ | 6,811 | | | $ | 3,031 | | | Clean Energy & Fueling | 1,453 | | | 2,676 | | | 8,995 | | | 4,444 | | | Imaging & Identification | 1,789 | | | 319 | | | 2,825 | | | 488 | | | Pumps & Process Solutions | 2,754 | | | 2,646 | | | 13,725 | | | 4,591 | | | Climate & Sustainability Technologies | 5,826 | | | 7,144 | | | 14,352 | | | 8,810 | | | Corporate | 103 | | | 181 | | | 515 | | | 475 | | | Total | $ | 17,012 | | | $ | 13,529 | | | $ | 47,223 | | | $ | 21,839 | | | | | | | | | | | These amounts are classified in the condensed consolidated statements of earnings as follows: | | Cost of goods and services | $ | 8,282 | | | $ | 10,136 | | | $ | 25,171 | | | $ | 14,456 | | | Selling, general and administrative expenses | 8,730 | | | 3,393 | | | 22,052 | | | 7,383 | | | Total | $ | 17,012 | | | $ | 13,529 | | | $ | 47,223 | | | $ | 21,839 | |
The restructuring expenses of $17,012 and $47,223 incurred during the three and six months ended June 30, 2026 were primarily related to headcount reductions and exit costs in the Climate & Sustainability Technologies, Pumps & Process Solutions, Clean Energy & Fueling and Engineered Products segments. These restructuring programs were initiated in 2025 and 2026 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, 2026 | $ | 15,155 | | | $ | 3,439 | | | $ | 18,594 | | | Restructuring charges | 31,322 | | | 15,901 | | (1) | 47,223 | | | Payments | (21,964) | | | (11,447) | | | (33,411) | | | | | | | | | | | | | | | Other, including foreign currency translation | (101) | | | (5,454) | | (1) | (5,555) | | | Balance at June 30, 2026 | $ | 24,412 | | | $ | 2,439 | | | $ | 26,851 | | (1) Exit reserves activity includes non-cash asset charges within the Climate & Sustainability Technologies and Clean Energy & Fueling segments.
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