| Restructuring Activities |
9. Restructuring Activities
The Company's restructuring charges by segment were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Engineered Products | $ | 1,115 | | | $ | 1,062 | | | $ | 7,926 | | | $ | 4,093 | | | Clean Energy & Fueling | 5,652 | | | 2,842 | | | 14,647 | | | 7,286 | | | Imaging & Identification | 216 | | | 355 | | | 3,041 | | | 843 | | | Pumps & Process Solutions | 6,476 | | | 1,711 | | | 20,201 | | | 6,302 | | | Climate & Sustainability Technologies | 5,560 | | | 4,500 | | | 19,912 | | | 13,310 | | | Corporate | 358 | | | 133 | | | 873 | | | 608 | | | Total | $ | 19,377 | | | $ | 10,603 | | | $ | 66,600 | | | $ | 32,442 | | | | | | | | | | | These amounts are classified in the condensed consolidated statements of earnings as follows: | | Cost of goods and services | $ | 8,695 | | | $ | 4,272 | | | $ | 33,866 | | | $ | 18,728 | | | Selling, general and administrative expenses | 10,682 | | | 6,331 | | | 32,734 | | | 13,714 | | | Total | $ | 19,377 | | | $ | 10,603 | | | $ | 66,600 | | | $ | 32,442 | |
The restructuring expenses of $19,377 and $66,600 incurred during the three and nine months ended September 30, 2026 were primarily related to headcount reductions and exit costs in the Pumps & Process Solutions, Climate & Sustainability Technologies, 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 | 35,912 | | | 30,688 | | (1) | 66,600 | | | Payments | (33,516) | | | (17,218) | | | (50,734) | | | | | | | | | | | | | | | Other, including foreign currency translation | (563) | | | (14,995) | | (1) | (15,558) | | | Balance at September 30, 2026 | $ | 16,988 | | | $ | 1,914 | | | $ | 18,902 | |
(1) Exit reserves activity includes non-cash asset charges within the Clean Energy & Fueling, Pumps & Process Solutions and Climate & Sustainability Technologies segments. |