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Restructuring Costs and Other | 6 Months Ended
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Jun. 30, 2026
Restructuring and Related Activities [Abstract] |
Restructuring Costs and Other | Restructuring Costs and Other
In the three and six months ended June 30, 2026, we incurred costs for restructuring actions initiated in 2026 as well as costs for restructuring actions initiated in prior years. Our restructuring actions are associated with cost reduction efforts that include the consolidation of manufacturing and distribution facilities, as well as workforce reductions. Restructuring costs include severance and employee benefits, asset impairments, accelerated depreciation, as well as facility closure, contract termination and certain pension costs that are directly related to restructuring actions. These costs are predominantly settled in cash from our operating activities and are generally settled within one year, with the exception of asset impairments, which are non-cash. Pre-tax restructuring costs incurred in each of our reporting segments and the location of the costs in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2026 and 2025 are as follows (in millions):
| Three Months Ended June 30,
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025
| Cost of goods sold | Selling & administrative expense | Total
Utility Solutions | $ | — |  | $ | 2.2 |  | $ | — |  | $ | — |  | $ | — |  | $ | 2.2 |
Electrical Solutions | 1.5 |  | 0.6 |  | — |  | — |  | 1.5 |  | 0.6 |
Total Pre-Tax Restructuring Costs | $ | 1.5 |  | $ | 2.8 |  | $ | — |  | $ | — |  | $ | 1.5 |  | $ | 2.8 |
| Six Months Ended June 30,
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025
| Cost of goods sold | Selling & administrative expense | Total
Utility Solutions | $ | 0.3 |  | $ | 3.4 |  | $ | — |  | $ | 0.1 |  | $ | 0.3 |  | $ | 3.5 |
Electrical Solutions | 5.8 |  | 1.0 |  | 0.7 |  | — |  | 6.5 |  | 1.0 |
Total Pre-Tax Restructuring Costs | $ | 6.1 |  | $ | 4.4 |  | $ | 0.7 |  | $ | 0.1 |  | $ | 6.8 |  | $ | 4.5 |
The following table summarizes the accrued liabilities for our restructuring actions (in millions):
| Beginning Accrued Restructuring Balance 1/1/26 | Pre-tax Restructuring Costs | Utilization and Foreign Exchange | Ending Accrued Restructuring Balance 6/30/26
2026 Restructuring Actions |  |  |  |
Severance | $ | — |  | $ | 3.8 |  | $ | (0.6) |  | $ | 3.2 |
Asset write-downs | — |  | — |  | — |  | — |
Facility closure and other costs | — |  | 0.8 |  | (0.8) |  | — |
Total 2026 Restructuring Actions | $ | — |  | $ | 4.6 |  | $ | (1.4) |  | $ | 3.2 |
2025 and Prior Restructuring Actions |  |  |  |
Severance | $ | 4.2 |  | $ | (0.2) |  | $ | (3.1) |  | $ | 0.9 |
Asset write-downs | — |  | — |  | — |  | — |
Facility closure and other costs | 0.5 |  | 2.4 |  | (2.4) |  | 0.5 |
Total 2025 and Prior Restructuring Actions | $ | 4.7 |  | $ | 2.2 |  | $ | (5.5) |  | $ | 1.4 |
Total Restructuring Actions | $ | 4.7 |  | $ | 6.8 |  | $ | (6.9) |  | $ | 4.6 |
The actual costs incurred and total expected cost in each of our reporting segments of our on-going restructuring actions are as follows (in millions):
| Total expected costs | Costs incurred during 2025 | Costs incurred in the first six months of 2026 | Remaining costs at 6/30/2026
2026 Restructuring Actions |  |  |  |
Utility Solutions | $ | 0.3 |  | $ | — |  | $ | — |  | $ | 0.3 |
Electrical Solutions | 9.3 |  | — |  | 4.6 |  | 4.7 |
Total 2026 Restructuring Actions | $ | 9.6 |  | $ | — |  | $ | 4.6 |  | $ | 5.0 |
2025 and Prior Restructuring Actions |  |  |  |
Utility Solutions | $ | 6.4 |  | $ | 6.1 |  | $ | 0.3 |  | $ | — |
Electrical Solutions | 8.1 |  | 5.9 |  | 1.9 |  | 0.3 |
Total 2025 and Prior Restructuring Actions | $ | 14.5 |  | $ | 12.0 |  | $ | 2.2 |  | $ | 0.3 |
Total Restructuring Actions | $ | 24.1 |  | $ | 12.0 |  | $ | 6.8 |  | $ | 5.3 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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