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Restructuring and Other Charges
 9 Months Ended
Sep. 30, 2022
Restructuring and Related Activities [Abstract]  
Restructuring and Other Charges

15. Restructuring and Other Charges

Pre-tax restructuring and other charges (gains) for the nine and three months ended September 30, 2022 and 2021 are shown below.

 

(In millions)

 

Nine Months Ended September 30, 2022

 

 

Nine Months Ended September 30, 2021

 

 

 

Restructuring
Charges

 

 

Other
Charges (Gains) (a)

 

 

Total
Charges

 

 

Restructuring
Charges

 

 

Other
Charges (Gains) (a)

 

 

Total
Charges

 

Water Innovations

 

$

3.8

 

 

$

0.7

 

 

$

4.5

 

 

$

-

 

 

$

2.8

 

 

$

2.8

 

Outdoors & Security

 

 

18.9

 

 

 

(6.1

)

 

 

12.8

 

 

 

8.5

 

 

 

(0.4

)

 

 

8.1

 

Cabinets

 

 

10.9

 

 

 

6.3

 

 

 

17.2

 

 

 

3.0

 

 

 

3.5

 

 

 

6.5

 

Corporate

 

 

(0.5

)

 

 

-

 

 

 

(0.5

)

 

 

-

 

 

 

-

 

 

 

-

 

Total

 

$

33.1

 

 

$

0.9

 

 

$

34.0

 

 

$

11.5

 

 

$

5.9

 

 

$

17.4

 

 

(a)

“Other Charges (Gains)” represent charges directly related to restructuring initiatives that cannot be reported as restructuring under GAAP. Such costs may include losses on disposal of inventories, trade receivables allowances from exiting product lines, accelerated depreciation resulting from the closure of facilities and gains or losses on the sale of previously closed facilities.

 

Restructuring and other charges (gains) in the first nine months of 2022 are largely related to severance, asset impairment and other costs associated with plant closures and headcount actions across all segments. Restructuring and other charges (gains) in the first nine months of 2021 were largely related to severance costs associated with the relocation of manufacturing facilities within our Cabinets and Outdoors & Security segments.

 

(In millions)

 

Three Months Ended September 30, 2022

 

 

Three Months Ended September 30, 2021

 

 

 

Restructuring
Charges

 

 

Other
Charges (Gains) (a)

 

 

Total
Charges

 

 

Restructuring
Charges

 

 

Other
Charges (Gains) (a)

 

 

Total
Charges

 

Water Innovations

 

$

2.9

 

 

$

-

 

 

$

2.9

 

 

$

-

 

 

$

1.2

 

 

$

1.2

 

Outdoors & Security

 

 

18.2

 

 

 

0.2

 

 

 

18.4

 

 

 

2.4

 

 

 

(0.4

)

 

 

2.0

 

Cabinets

 

 

9.6

 

 

 

3.9

 

 

 

13.5

 

 

 

1.2

 

 

 

0.9

 

 

 

2.1

 

Corporate

 

 

(0.5

)

 

 

-

 

 

 

(0.5

)

 

 

-

 

 

 

-

 

 

 

-

 

Total

 

$

30.2

 

 

$

4.1

 

 

$

34.3

 

 

$

3.6

 

 

$

1.7

 

 

$

5.3

 

 

(a)

“Other Charges (Gains)” represent charges directly related to restructuring initiatives that cannot be reported as restructuring under GAAP. Such costs may include losses on disposal of inventories, trade receivables allowances from exiting product lines, accelerated depreciation resulting from the closure of facilities and gains or losses on the sale of previously closed facilities.

Restructuring and other charges (gains) in the third quarter of 2022 are largely related to severance, asset impairment and other costs associated with plant closures and headcount actions across all segments. Restructuring and other charges (gains) in the third quarter of 2021 were largely related to severance costs associated with headcount actions within our Outdoor & Security and Cabinets segments.

Reconciliation of Restructuring Liability

(In millions)

 

Balance at
December 31, 2021

 

 

2022
 Provision

 

 

Cash
Expenditures (a)

 

 

Balance at
September 30, 2022

 

Workforce reduction costs

 

$

4.7

 

 

$

24.5

 

 

$

(7.1

)

 

$

22.1

 

Other

 

 

1.0

 

 

 

8.6

 

 

 

(0.4

)

 

 

9.2

 

Total

 

$

5.7

 

 

$

33.1

 

 

$

(7.5

)

 

$

31.3

 

(a) Cash expenditures primarily relate to severance charges.

 

(In millions)

 

Balance at
 December 31, 2020

 

 

2021
 Provision

 

 

Cash
Expenditures (a)

 

 

Balance at
 September 30, 2021

 

Workforce reduction costs

 

$

6.9

 

 

$

9.6

 

 

$

(11.2

)

 

$

5.3

 

Other

 

 

0.7

 

 

 

1.9

 

 

 

(1.5

)

 

 

1.1

 

Total

 

$

7.6

 

 

$

11.5

 

 

$

(12.7

)

 

$

6.4

 

(a) Cash expenditures primarily relate to severance charges.