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Restructuring Activities

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring Activities

Restructuring Activities

Restructuring costs of $4.3 and $9.4 for the three and six months ended June 30, 2024, respectively, were primarily related to cost reduction actions relative to Howden integration. Restructuring costs of $5.4 and $7.0 for the three and six months ended June 30, 2023, respectively, were also primarily related to cost reduction actions relative to Howden integration.

We closely monitor our end markets and order rates and continue to take appropriate and timely actions as necessary.

The following table summarizes severance and other restructuring costs, which includes employee-related costs, facility rent and exit costs, relocation, recruiting, travel and other:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Severance:
Cost of sales			$	0.1					$	—					$	0.4					$	—
Selling, general, and administrative expenses			0.2						2.7						4.4						3.4
Total severance costs			0.3						2.7						4.8						3.4
Other restructuring:
Cost of sales			0.3						—						0.3						—
Selling, general, and administrative expenses			3.7						2.7						4.3						3.6
Total other restructuring costs			4.0						2.7						4.6						3.6
Total restructuring costs			$	4.3					$	5.4					$	9.4					$	7.0

The following table summarizes restructuring costs by reportable segment:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Cryo Tank Solutions			$	0.5					$	0.3					$	1.1					$	1.1
Heat Transfer Systems			0.4						0.2						0.9						0.2
Specialty Products			1.2						0.5						2.5						0.5
Repair, Service & Leasing			1.9						0.7						4.2						1.5
Corporate			0.3						3.7						0.7						3.7
Total restructuring costs			$	4.3					$	5.4					$	9.4					$	7.0

The following tables summarize our restructuring activities:

Balance at March 31, 2024			$	4.2
Restructuring charges			4.3
Cash payments and other			(3.3)
Balance at June 30, 2024			$	5.2
Balance at March 31, 2023			$	0.7
Restructuring charges			5.4
Cash payments and other			(2.3)
Balance at June 30, 2023			$	3.8
Balance at December 31, 2023			$	1.9
Restructuring charges			9.4
Cash payments and other			(6.1)
Balance at June 30, 2024			$	5.2
Balance at December 31, 2022			$	0.2
Restructuring charges			7.0
Cash payments and other			(3.4)
Balance at June 30, 2023			$	3.8

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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 S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4.e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2

Reference 2: 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 3: 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 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

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