XML 41 R25.htm IDEA: XBRL DOCUMENT
v3.20.2

Restructuring and Other Charges | 12 Months Ended
--- | ---
Sep. 30, 2020
Restructuring And Related Activities [Abstract] |
Restructuring and Other Charges | 1 7. Restructuring and Other Charges On June 29, 2020, the Company committed to a series of restructuring activities within its Access Equipment segment. On that day, the Company announced that it would close its Medias, Romania manufacturing facility. The Company intends to relocate production to factories in the United States, Mexico and China. The Company also announced that it would close its service center in Riverside, California. Both facilities are being closed to simplify and better align operations to support customers and enable sustainable growth. The Company intends to cease all operations in Medias by June 30, 2021 and in Riverside by December 31, 2020. In addition, the Access Equipment segment initiated targeted reductions in its salaried workforce in response to the ongoing COVID-19 pandemic. The Company incurred charges related to restructuring of $10.4 million during fiscal 2020, consisting of severance costs, other post-employment-related benefits and an impairment on a lease. The Company incurred additional charges of $4.7 million related to these restructuring actions, including $2.8 million of accelerated depreciation, $1.6 million in inventory obsolescence and $0.3 million of other operational costs. On July 23, 2020, the Company committed to a series of restructuring activities within the Commercial segment. On that day, the Company announced that it will cease production of rear discharge concrete mixers at its Dodge Center, Minnesota facility and relocate it to other concrete mixer factories in North America. The Dodge Center factory will focus on refuse collection vehicle manufacturing. The Company believes both product lines will benefit from focused facilities. The Company intends to cease all concrete mixer operations in Dodge Center by December 31, 2020. In addition, the Commercial segment reduced its salaried workforce in response to the ongoing COVID-19 pandemic. The Company incurred charges related to restructuring of $1.5 million during fiscal 2020, consisting of severance costs and other post-employment-related benefits. In addition, the Commercial segment experienced $4.1 million of accelerated depreciation as a result of this action. Pre-tax restructuring charges were as follows (in millions):
|  | Fiscal Year Ended September 30, 2020 |
|  | Cost of Sales |  |  | Selling, General and Administrative Expenses |  |  | Total |
Access Equipment |  | $ | 2.9 |  |  | $ | 7.5 |  |  | $ | 10.4 |
Commercial |  |  | 0.7 |  |  |  | 0.8 |  |  |  | 1.5 |
Fire & Emergency |  |  | 0.3 |  |  |  | 1.1 |  |  |  | 1.4 |
Corporate |  |  | — |  |  |  | 1.1 |  |  |  | 1.1 |
Total |  | $ | 3.9 |  |  | $ | 10.5 |  |  | $ | 14.4 |
Changes in the Company’s restructuring reserves, included within “Other current liabilities” in the Consolidated Balance Sheets, were as follows (in millions):
|  | Employee Severance and Termination Benefits |  |  | Property, Plant and Equipment Impairment |  |  | Other Costs |  |  | Total |
Balance at September 30, 2019 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Restructuring provision |  |  | 13.3 |  |  |  | 0.8 |  |  |  | 0.3 |  |  |  | 14.4 |
Utilized - cash |  |  | (3.5 | ) |  |  | — |  |  |  | — |  |  |  | (3.5 | )
Utilized - noncash |  |  | — |  |  |  | (0.8 | ) |  |  | — |  |  |  | (0.8 | )
Foreign currency translation |  |  | (0.1 | ) |  |  | — |  |  |  | — |  |  |  | (0.1 | )
Balance at September 30, 2020 |  | $ | 9.7 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | 10.0 |

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration