Other Income and Expenses

12 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Other Income and Other Expense Disclosure

Supplemental Statement of Operations Information

In the year ended September 30, 2023, we incurred $10.2 million of Strategic reorganization and other charges primarily related to the leadership transition and other restructuring charges related to severance in addition to certain transaction-related expenses.

Between November 2019 and March 2021, we announced the purchase and closure of several facilities. We purchased a new facility in Kimball, Tennessee, to support and enhance our investment in our Chattanooga, Tennessee large casting foundry and closed our facilities in Hammond, Indiana and Woodland, Washington. We also completed the closures of our facilities in Aurora, Illinois and Surrey, British Columbia, Canada during our fiscal year 2022. The majority of the activities from these plants were transferred to our Kimball, Tennessee facility. We incurred $1.5 million and $5.6 million of expenses, respectively, for the years ended September 30, 2022, and 2021, as a result of these plant closures. The $5.6 million incurred during fiscal 2021 included approximately $3.2 million of termination benefit costs which are included in Strategic reorganization and other charges and approximately $2.4 million in inventory write-downs which are included in Cost of sales in our consolidated statements of operations.

Additionally, fiscal year 2022 included Strategic reorganization and other charges related to the Albertville tragedy and certain transaction-related costs. Fiscal year 2021 included Strategic reorganization and other charges related to the Albertville tragedy, and certain transaction costs, partially offset by a one-time settlement gain in connection with an indemnification from a previously owned property.

Activity in accrued restructuring, reported as part of other current liabilities, is presented below.


	2023		2022		2021
	(in millions)
Beginning balance	$	3.3	$	3.1	$	2.8
Expenses incurred	10.2		7.2		5.4
Amounts paid	(6.9)		(7.0)		(5.1)
Ending balance	$	6.6	$	3.3	$	3.1

Selected supplemental statement of operations information is presented below.


	2023		2022		2021
	(in millions)
Included in selling, general and administrative expenses:
Research and development	$	25.9	$	24.5	$	17.1
Advertising	$	4.7	$	5.5	$	3.2
Interest expense, net:
5.5% Senior Notes	$	—	$	—	$	17.6
4.0% Senior Notes	18.0		18.0		6.2
Deferred financing costs amortization	1.0		1.0		1.1
ABL Agreement	0.9		0.9		0.9
Capitalized interest	(1.6)		(2.6)		(2.3)
Other interest expense	0.1		0.3		0.3
Total interest expense	18.4		17.6		23.8
Interest income	(3.7)		(0.7)		(0.4)
Net interest expense	$	14.7	$	16.9	$	23.4