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Restructuring and other costs for the three months ended June 30, 2026 were $24.6 million, which included restructuring charges of $17.0 million and other costs of $7.6 million. Restructuring and other costs were primarily related to headcount reductions and exit costs in the Climate & Sustainability Technologies and Engineered Products segments. For further discussion related to our restructuring and other costs, see "Restructuring and Other Costs (Benefits)," within this Item 2.
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The restructuring accrual balances at December 31, 2024 primarily reflect restructuring plans initiated during the year.
Read in the filing ↗ Also in 10-K of Feb 13, 2026
Restructuring and other costs for the three months ended September 30, 2025 were $15.9 million, which included restructuring charges of $10.6 million and other costs of $5.3 million. Restructuring and other costs were primarily related to exit costs and headcount reductions in the Climate & Sustainability Technologies, Clean Energy & Fueling, and Pumps & Process Solutions segments. For further discussion related to our restructuring and other costs, see "Restructuring and Other Costs (Benefits)," within this Item 2.
Read in the filing ↗ Also in 10-Q of Oct 22, 2026
Restructuring and other costs for the three months ended March 31, 2026 were $36.8 million, which included restructuring charges of $30.2 million and other costs of $6.6 million. Restructuring and other costs were primarily related to headcount reductions and exit costs in the Pumps & Process Solutions, Climate & Sustainability Technologies and Clean Energy & Fueling segments. For further discussion related to our restructuring and other costs, see "Restructuring and Other Costs (Benefits)," within this Item 2.
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Restructuring and other costs for the three months ended March 31, 2025 include restructuring charges of $8.3 million and other costs, net of $1.1 million. Restructuring charges for the three months ended March 31, 2025 were primarily related to headcount reductions and exit costs across the segments. These restructuring programs were initiated in 2024 and 2025. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statement of earnings.
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Restructuring and other costs of $85.0 million included restructuring charges of $69.8 million and other costs of $15.2 million. Restructuring and other costs were primarily related to headcount reductions and product line and other exit costs in the Clean Energy & Fueling and Climate & Sustainability Technologies segments. Other costs (benefits) were primarily due to non-cash asset impairment charges and reorganization costs in the Climate & Sustainability Technologies and Imaging & Identification segments, respectively. For further discussion related to our restructuring and other costs, see "Restructuring and Other Costs (Benefits)," within this Item 7.
Read in the filing ↗ Also in 10-K of Feb 13, 2026
See Note 11 - Restructuring Activities in the consolidated financial statements in Item 8 of this Form 10-K for additional details regarding our recent restructuring activities.
Read in the filing ↗ Also in 10-K of Feb 13, 2026
(4) Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Restructuring and other costs consist of the following:
Read in the filing ↗ Also in 10-Q of Oct 23, 2025, 10-K of Feb 13, 2026, 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 22, 2026, 10-K of Feb 14, 2025, 10-Q of Oct 23, 2025, 10-K of Feb 13, 2026, 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 22, 2026
The restructuring expenses of $ 69,810 incurred during the year ended December 31, 2024 were primarily related to headcount reductions and product line and other exit costs in the Clean Energy & Fueling and Climate & Sustainability Technologies segments. These restructuring programs were initiated in 2023 and 2024 and were undertaken in light of current market conditions. The expected costs related to these announced restructuring programs have been incurred primarily through 2024. However, the Company will continue to make proactive adjustments to its cost structure to align with current demand trends and additional programs, beyond the scope of the announced programs, may be implemented during 2025 with related restructuring charges.
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During the fourth quarter and year ended December 31, 2024, restructuring and other costs included restructuring charges of $28.2 million and $69.8 million, respectively, and other costs of $4.7 million and $15.2 million, respectively. The restructuring expenses incurred during the year ended December 31, 2024 were primarily related to headcount reductions and product line and other exit costs in the Clean Energy & Fueling and Climate & Sustainability Technologies segments. These restructuring programs were initiated in 2023 and 2024 and were undertaken in light of current market conditions. Other costs were primarily due to non-cash asset impairment charges and reorganization costs in the Climate & Sustainability Technologies and Imaging & Identification segments, respectively.
Read in the filing ↗ Also in 8-K of Jan 29, 2026
Restructuring and other costs for the three and nine months ended September 30, 2024 include restructuring charges of $13.8 million and $41.6 million and other costs, net of $2.7 million and $10.5 million. Restructuring charges for the three months ended September 30, 2024 were primarily related to exit costs and headcount reductions in the Clean Energy & Fueling segment. Restructuring charges for the nine months ended September 30, 2024 were primarily related to product line exit costs and headcount reductions in the Clean Energy & Fueling and the Climate & Sustainability Technologies segments. These restructuring programs were initiated in 2023 and 2024 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends. Other costs, net of $10.5 million for the nine months ended September 30, 2024, were primarily due to non-cash asset impairment charges and reorganization costs in the Climate & Sustainability Technologies and Imaging & Identification segments, respectively. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statement of earnings.
Read in the filing ↗ Also in 10-Q of Oct 22, 2026
Restructuring and other costs are not presented in our segment earnings because these costs are excluded from the segment operating performance measure reviewed by management. During the three months ended March 31, 2026, we incurred restructuring charges of $30.2 million and other costs, net of $6.6 million. Restructuring charges for the three months ended March 31, 2026 were primarily related to headcount reductions and exit costs in the Pumps & Process Solutions, Climate & Sustainability Technologies and Clean Energy & Fueling 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. Other costs, net of $6.6 million for the three months ended March 31, 2026 include $3.0 million in costs associated with a footprint reduction in our Climate & Sustainability Technologies segment. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statements of earnings. Additional programs beyond the scope of the announced programs may be implemented during 2026 with related restructuring and other cost charges.
Read in the filing ↗ Also in 10-Q of Oct 22, 2026, 10-K of Feb 14, 2025, 10-Q of Jul 23, 2026, 10-K of Feb 13, 2026, 10-Q of Oct 23, 2025
During the fourth quarter and year ended December 31, 2023, restructuring and other costs (benefits) included restructuring charges of $16.6 million and $50.4 million, respectively, and other costs of $2.5 million and $13.2 million, respectively. The restructuring expenses incurred during the year ended December 31, 2023 were primarily related to headcount reductions and exit costs in the Clean Energy & Fueling, Engineered Products and Pumps & Process Solutions segments. These restructuring programs were initiated in 2022 and 2023 and were undertaken in light of current market conditions. Other costs (benefits) were primarily due to an asset impairment in our Climate & Sustainability Technologies segment and product line rationalization and footprint reduction in our Clean Energy & Fueling segment.
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The restructuring expenses of $ 56,743 incurred during the year ended December 31, 2025 were primarily related to exit costs and headcount reductions across all segments, most notably within the Climate & Sustainability Technologies and Clean Energy & Fueling segments. These restructuring programs were initiated in 2024 and 2025 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends. Additional programs, beyond the scope of the announced programs, may be implemented during 2026 with related restructuring charges.
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Restructuring and other costs for the three and six months ended June 30, 2025 include restructuring charges of $13.5 million and $21.8 million and other costs, net of $9.7 million and $10.8 million. Restructuring charges for the three and six months ended June 30, 2025 were primarily related to exit costs and headcount reductions in the Climate & Sustainability Technologies, Pumps & Process Solutions and Clean Energy & Fueling segments. These restructuring programs were initiated in 2024 and 2025 and were undertaken in light of current market conditions. Other costs, net of $9.7 million and $10.8 million for the three and six months ended June 30, 2025 primarily relate to $4.0 million in costs associated with a product line exit in our Climate & Sustainability Technologies segment. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statement of earnings.
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We recorded the following restructuring and other costs for the year ended December 31, 2024:
Read in the filing ↗ Also in 10-K of Feb 14, 2025, 10-K of Feb 14, 2025, 10-K of Feb 13, 2026, 10-K of Feb 13, 2026
We recorded the following restructuring and other costs for the three months ended March 31, 2026:
Read in the filing ↗ Also in 10-Q of Apr 23, 2026
During the year ended December 31, 2022, restructuring charges of $30.5 million were primarily due to headcount reductions and facility consolidations resulting from restructuring programs initiated in 2021 and 2022, including non-cash foreign currency translation losses due to substantial liquidation of businesses. Other costs (benefits), net of $5.7 million, were primarily due to write-off of assets in connection with an exit from certain Latin America countries in our Climate & Sustainability Technologies segment. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the consolidated statement of earnings.
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(1) Adjusted cost of goods and services exclude expenses related to purchase accounting and restructuring and other costs.
Read in the filing ↗ Also in 10-Q of Oct 23, 2025, 10-K of Feb 13, 2026, 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 22, 2026
We recorded the following restructuring and other costs for the three and nine months ended September 30, 2025:
Read in the filing ↗ Also in 10-Q of Oct 23, 2025, 10-Q of Oct 22, 2026, 10-Q of Oct 22, 2026
We recorded the following restructuring and other costs for the three and six months ended June 30, 2026:
Read in the filing ↗ Also in 10-Q of Jul 23, 2026
Restructuring expenses incurred in 2024 and 2023 were primarily comprised of headcount reductions and product line and other exit costs.
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During the year ended December 31, 2023, restructuring charges of $49.9 million were primarily related to headcount reductions and exit costs in the Clean Energy & Fueling, Engineered Products and Pumps & Process Solutions segments. These restructuring programs were initiated in 2022 and 2023 and were undertaken in light of market conditions. Other costs, net of $13.0 million were primarily due to an asset impairment in our Climate & Sustainability Technologies segment and product line rationalization and footprint reduction in our Clean Energy & Fueling segment. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the consolidated statement of earnings.
Read in the filing ↗ Also in 10-K of Feb 13, 2026
The Company takes actions to reduce headcount, close facilities, or otherwise exit operations. Such restructuring activities at an operation are recorded when management has committed to an exit or reorganization plan and when termination benefits are probable and can be reasonably estimated based on circumstances at the time the restructuring plan is approved by management or when termination benefits are communicated. Exit costs may include contractual terminations and asset impairments as a result of an approved restructuring plan. The accrual of both severance and exit costs requires the use of estimates. Though the Company believes that its estimates accurately reflect the anticipated costs, actual results may be different from the original estimated amounts.
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The Company takes actions to reduce headcount, close facilities, or otherwise exit operations as considered necessary. Such restructuring activities at an operation are recorded when management has committed to an exit or reorganization plan and when termination benefits are probable and can be reasonably estimated based on circumstances at the time the restructuring plan is approved by management or when termination benefits are communicated. Exit costs may include contractual terminations and asset impairments as a result of an approved restructuring plan. The accrual of both severance and exit costs requires the use of estimates. Though the Company believes that its estimates accurately reflect the anticipated costs, actual results may be different from the original estimated amounts.
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Restructuring expenses incurred in 2023 and 2022 also included headcount reductions, exit costs, and substantial liquidation of businesses in certain Latin America countries.
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The restructuring expenses of $ 10,603 and $ 32,442 incurred during the three and nine months ended September 30, 2025, respectively, were primarily related to exit costs and headcount reductions in the Climate & Sustainability Technologies, Clean Energy & Fueling, and Pumps & Process Solutions segments. These restructuring programs were initiated in 2024 and 2025 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends.
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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.
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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.
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1 Q1 2025 and 2024 adjusted earnings from continuing operations exclude after- tax purchase accounting expenses, restructuring and other costs and gain (loss) on dispositions.
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(2) Adjusted selling, general and administrative expenses exclude expenses related to purchase accounting, restructuring and other costs, gain on dispositions and include other income, net.
Read in the filing ↗ Also in 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 22, 2026, 10-K of Feb 14, 2025, 10-K of Feb 13, 2026
(8) Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
Read in the filing ↗ Also in 10-Q of Oct 23, 2025, 10-K of Feb 13, 2026, 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 22, 2026
Energy & Fueling 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.
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Gross profit for the year ended December 31, 2023, decreased $37.4 million, or 1.3%, to $2.9 billion compared with 2022, primarily due to lower volumes across some end markets, partially offset by positive market conditions in certain secular growth-exposed businesses, as well as pricing, productivity initiatives and restructuring actions. Gross profit margin increased 30 basis points to 37.3% as compared to the prior year driven by benefits from pricing, productivity and restructuring actions, partially offset by lower volumes across some of the Company's businesses.
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1 Q1 2024 and 2023 adjusted net earnings exclude after tax purchase accounting expenses and restructuring and other costs. Q1 2024 also excludes the after tax gain on the sale of De-Sta-Co.
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Adjusted diluted net earnings per share or adjusted earnings per share represent diluted EPS adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits, disposition costs and gain/loss on disposition.
Read in the filing ↗ Also in 8-K of Jul 25, 2024, 8-K of Feb 1, 2024
The restructuring expenses of $ 30,211 incurred during the three months ended March 31, 2026 were primarily related to headcount reductions and exit costs in the Pumps & Process Solutions, Climate & Sustainability Technologies and Clean
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1 Q2 and year-to-date 2024 and 2023 adjusted net earnings exclude after tax purchase accounting expenses and restructuring and other costs. Year-to-date 2024 excludes the after tax gain on the sale of De-Sta-Co.
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"Margins improved year-over-year on volume leverage and ongoing productivity initiatives. We are carrying a significant amount of restructuring benefit into next year from previously announced productivity and fixed cost optimization projects, which should support attractive margin conversion.
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Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings per share from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on disposition.
Read in the filing ↗ Also in 8-K of Jul 24, 2025, 8-K of Oct 23, 2025, 8-K of Jan 29, 2026, 8-K of Apr 23, 2026, 8-K of Jul 23, 2026, 8-K of Oct 22, 2026, 8-K of Oct 24, 2024
Management uses segment earnings to evaluate segment performance and allocate resources. Segment earnings is defined as earnings before purchase accounting expenses, restructuring and other costs (benefits), (gain) loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes.
Read in the filing ↗ Also in 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 22, 2026