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Restructuring and Other Charges | 9 Months Ended
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Jun. 30, 2021
Restructuring And Related Activities [Abstract] |
Restructuring and Other Charges |
1 5. | 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 relocated 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 were closed to simplify and better align operations to support customers and enable sustainable growth. The Company ceased all operations in Medias by June 30, 2021 and in Riverside as of 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 recognized $0.2 million of expense related to restructuring for the three months ended June 30, 2021. The Company recognized restructuring costs of $3.4 million for the nine months ended June 30, 2021 consisting of long-lived asset impairments, lease termination costs and employee severance costs. The Company recognized $7.6 million of expense related to restructuring for the three and nine months ended June 30, 2020. The Company incurred additional charges of $1.1 million related to these restructuring actions for the three months ended June 30, 2021, consisting of $0.7 million of inventory obsolescence and $0.4 million of other costs. The Company incurred $8.1 million related to these restructuring actions for the nine months ended June 30, 2021, consisting of $2.8 million of accelerated depreciation, $4.5 million of inventory obsolescence and $0.8 million of other 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 would cease production of rear discharge concrete mixers at its Dodge Center, Minnesota, facility and relocate it to London, Ontario. The Dodge Center factory is now focused on refuse collection vehicle manufacturing. The Company believes both product lines will benefit from focused facilities. The Company ceased all concrete mixer operations in Dodge Center as of December 31, 2020. The Company did not incur any charges related to restructuring during the three month period ended June 30, 3021. The Company incurred charges related to restructuring of $0.1 for the nine month period ended June 30, 2021, consisting of severance costs and other post-employment-related benefits. The Company incurred charges related to restructuring of $1.5 million for the three and nine month ended June 30, 2020. Pre-tax restructuring charges were as follows (in millions):
|  | Three Months Ended June 30, 2021 |  |  | Three Months Ended June 30, 2020 |
|  | Cost of Sales |  |  | Selling, General and Administrative Expenses |  |  | Total |  |  | Cost of Sales |  |  | Selling, General and Administrative Expenses |  |  | Total |
Access Equipment |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | 2.6 |  |  | $ | 5.0 |  |  | $ | 7.6 |
Commercial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.7 |  |  |  | 0.8 |  |  |  | 1.5 |
Fire & Emergency |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.3 |  |  |  | 0.8 |  |  |  | 1.1 |
Total |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | 3.6 |  |  | $ | 6.6 |  |  | $ | 10.2 |
|  | Nine Months Ended June 30, 2021 |  |  | Nine Months Ended June 30, 2020 |
|  | Cost of Sales |  |  | Selling, General and Administrative Expenses |  |  | Total |  |  | Cost of Sales |  |  | Selling, General and Administrative Expenses |  |  | Total |
Access Equipment |  | $ | 4.6 |  |  | $ | (1.2 | ) |  | $ | 3.4 |  |  | $ | 2.6 |  |  | $ | 5.0 |  |  | $ | 7.6 |
Commercial |  |  | 0.1 |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.7 |  |  |  | 0.8 |  |  |  | 1.5 |
Fire & Emergency |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.3 |  |  |  | 0.8 |  |  |  | 1.1 |
Corporate |  |  | — |  |  |  | (0.4 | ) |  |  | (0.4 | ) |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 4.7 |  |  | $ | (1.6 | ) |  | $ | 3.1 |  |  | $ | 3.6 |  |  | $ | 6.6 |  |  | $ | 10.2 |
Changes in the Company’s restructuring reserves, included within “Other current liabilities” in the Condensed 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, 2020 |  | $ | 9.7 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | 10.0 |
Restructuring provision |  |  | 0.3 |  |  |  | 2.3 |  |  |  | 0.5 |  |  |  | 3.1 |
Utilized - cash |  |  | (8.4 | ) |  |  | — |  |  |  | (2.3 | ) |  |  | (10.7 | )
Utilized - noncash |  |  | — |  |  |  | (2.3 | ) |  |  | 1.6 |  |  |  | (0.7 | )
Balance at June 30, 2021 |  | $ | 1.6 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 1.7 |
|  | Employee Severance and Termination Benefits |  |  | Property, Plant and Equipment Impairment |  |  | Other Costs |  |  | Total |
Balance at September 30, 2019 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Restructuring provision |  |  | 9.4 |  |  |  | 0.8 |  |  |  | — |  |  |  | 10.2 |
Utilized - cash |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Utilized - noncash |  |  | — |  |  |  | (0.8 | ) |  |  | — |  |  |  | (0.8 | )
Balance at June 30, 2020 |  | $ | 9.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 9.4 |

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- 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
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