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Restructuring and Impairment Expenses | 12 Months Ended
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Dec. 31, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Impairment Expenses | Restructuring and Impairment Expenses 2024 Restructuring and Impairment Expenses The Company recognized $17.6 million of restructuring and impairment expenses during the year ended December 31, 2024. These expenses were comprised of $12.1 million in severance costs, $0.8 million of other restructuring expenses, and asset impairments of $4.7 million, as well as a corresponding $3.2 million tax benefit. Of the $17.6 million expense recognized during the year ended December 31, 2024, $6.3 million was related to the Company’s water treatment business in the North America segment and was a result of a profitability improvement strategy that prioritizes improving its cost structure. In the Rest of World segment, severance costs in China of $11.3 million was related to the right sizing of that business for current market conditions. 2023 Restructuring and Impairment Expenses In 2023, the Company determined that its business in Turkey (disposal group) included in the Rest of World segment met the criteria to be classified as held for sale. The Company determined the fair value of the disposal group, less cost to sell, was lower than its carrying amount. As a result the Company recorded an impairment expense of $15.6 million, of which $12.5 million was recorded in the Rest of World segment, and $3.1 million was recorded in Corporate Expense. The impairment was recorded as a net reduction of $4.5 million to the assets and liabilities and $11.1 million for the anticipated liquidation of the cumulative foreign currency translation adjustment associated with the disposal group. The remaining carrying value of the disposal group was $0.6 million and classified as held for sale. During 2023, the Company sold the disposal group for an amount that approximated the carrying value of the net assets. Upon closing of the sale in the second quarter of 2023, the Company released $11.0 million of foreign currency translation losses from accumulated other comprehensive loss. In 2023, the Company recorded $3.2 million of restructuring expense related to the exit of a business within the Far East region. The following table presents an analysis of the Company’s restructuring reserve for the years ended December 31, 2024, 2023, and 2022:
(dollars in millions) | Severance Costs |  | Other Restructuring Expenses |  | Non-cash Impairments |  | Total
Balance at December 31, 2022 | — |  |  | — |  |  | — |  |  | — |
Charges | 0.3 |  |  | 2.9 |  |  | 15.6 |  |  | 18.8 |
Non-cash and other adjustments | — |  |  | — |  |  | (15.6) |  |  | (15.6) |
Balance at December 31, 2023 | 0.3 |  |  | 2.9 |  |  | — |  |  | 3.2 |
Charges | 12.1 |  |  | 0.8 |  |  | 4.7 |  |  | 17.6 |
Cash payments | (3.5) |  |  | (2.2) |  |  | — |  |  | (5.7) |
Non-cash and other adjustments | — |  |  | — |  |  | (4.7) |  |  | (4.7) |
Balance at December 31, 2024 | 8.9 |  |  | 1.5 |  |  | — |  |  | 10.4 |

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- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
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