NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 16 – Restructuring In 2012, the Company recorded pre-tax restructuring charges of $18.5 million, of which $16.5 million was associated with repositioning actions designed to improve profitability largely beginning in 2013, primarily in the European portion of the Fluid Handling segment and $2.0 million of non-cash charges were related to the completion of previous restructuring actions. The repositioning actions included $14.6 million of severance and other cash-related restructuring costs and $1.9 million of non-cash restructuring costs related to asset write-downs. The severance and other costs pertain to the closure of two small European plants, the transfer of certain manufacturing operations from higher cost to lower cost Company facilities and other staff reduction actions. These actions resulted in workforce reductions of approximately 200 employees, or about 2% of the Company’s global workforce and were sub- stantially completed in 2012. The Company expects the payments related to the repositioning actions to be substantially completed in 2013, which will be funded with cash generated from operations. Related to the repositioning actions, the Company also recorded $1.6 million of additional charges related to the write-down of inventory resulting from the closure of a product line which was recorded in cost of sales and $0.5 million pension curtailment charge which was recorded in selling, general and administrative. The following table summarizes the accrual balances related to these restructuring charges: 64 (in millions) January 1, 2012 Expense Utilization December 31, 2012 Severance $— $12.0 $(7.4) $4.6 Other — 2.6 (0.9) 1.7 $— $14.6 $(8.3) $6.3