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Restructuring Activities | 3 Months Ended
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Jun. 30, 2024
Restructuring Activities [Abstract] |
Restructuring Activities | Note 7: Restructuring Activities During the first three months of fiscal 2025, restructuring and repositioning expenses primarily consisted of severance expenses recorded in the Performance Technologies segment. These severance charges were primarily related to the closure of a technical service center and other targeted headcount reductions in Europe. In addition, the Company incurred equipment transfer costs within the Performance Technologies and Climate Solutions segments. These restructuring activities are part of the Company’s transformational initiatives supported by 80/20 principles and include product line transfers intended to achieve production efficiency improvements in its manufacturing facilities. Restructuring and repositioning expenses were as follows:
|  | Three months ended June 30, |
|  | 2024 |  |  | 2023 |
Employee severance and related benefits |  | $ | 4.8 |  |  | $ | - |
Other restructuring and repositioning expenses |  |  | 0.6 |  |  |  | - |
Total |  | $ | 5.4 |  |  | $ | - |
Other restructuring and repositioning expenses primarily consist of equipment transfer costs. The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows:
|  | Three months ended June 30, |
|  | 2024 |  |  | 2023 |
Beginning balance |  | $ | 13.0 |  |  | $ | 10.6 |
Additions |  |  | 4.8 |  |  |  | - |
Payments |  |  | (9.2 | ) |  |  | (1.8 | )
Effect of exchange rate changes |  |  | - |  |  |  | 0.1 |
Ending balance |  | $ | 8.6 |  |  | $ | 8.9 |

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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 + Details
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