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Restructuring and Impairment Activities | 6 Months Ended
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Jun. 30, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Impairment Activities | Restructuring and Impairment Activities The Company incurred restructuring and impairment expenses of $0.5 million and $2.4 million for the three months ended June 30, 2023 and 2022, respectively, and $1.3 million and $15.6 million for the six months ended June 30, 2023 and 2022, respectively. Restructuring and impairment expenses in the ATM segment were $0.5 million for the three months ended June 30, 2023 primarily related to the closure of the Appleton, Wisconsin facility. The closure of this facility was substantially completed in September 2021 and its divestiture was planned prior to the Merger. The assets held for sale consist primarily of property, plant and equipment. These assets were measured at fair value as part of the purchase price allocation. Restructuring and impairment expenses for the three months ended June 30, 2022 were $1.1 million, due to the termination of a contract with an existing customer related to exclusivity in product manufacturing. In the ATM segment, restructuring and impairment expenses for the six months ended June 30, 2023 were $1.2 million primarily comprised of $1.0 million related to the closure of the Appleton, Wisconsin facility. Restructuring and impairment expenses for the six months ended June 30, 2022 were $14.0 million, primarily related to the impairment of certain assets in conjunction with the divestiture of a portion of the legacy SWM ATM segment serving the industrials end market. These assets were sold during the third quarter of 2022 for net proceeds of $4.6 million and a loss of $0.4 million. The Company has recognized $2.2 million of accumulated restructuring charges through June 30, 2023 related to the closure of the Appleton, Wisconsin facility. During the remainder of 2023, the Company expects to record additional restructuring related costs in the ATM segment of approximately $1.0 million related to the closing of the Appleton, Wisconsin facility. Restructuring and impairment expenses in the FBS segment for the three months ended June 30, 2023 and 2022 were $0.0 million and $1.3 million, respectively. Restructuring and impairment expenses for the three months ended June 30, 2022 included $1.1 million primarily related to pension benefits for the Winkler, Manitoba facility, which was closed in 2021. In the FBS segment, restructuring and impairment expenses for the six months ended June 30, 2023 and 2022 were $0.1 million and $1.6 million, respectively. Restructuring and impairment expenses for the six months ended June 30, 2022 included $1.4 million primarily related to pension benefits for the Winkler, Manitoba facility. The Company has recognized $2.4 million of accumulated restructuring charges through June 30, 2023 related to the closure of the Winkler, Manitoba facility. Other restructuring related charges are included in corporate General expense as other unallocated items as these costs are not included in management's evaluation of the segments' performance. These expenses were $0.9 million and $1.1 million in the three and six months ended June 30, 2023, respectively, related to the relocation of the corporate headquarters. There were no unallocated restructuring and impairment expenses or other restructuring related charges for the three and six months ended June 30, 2022. The following table summarizes total restructuring, restructuring related, and impairment expense (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Restructuring and impairment expense: |  |  |  |  |  |  |
Severance | $ | — |  |  | $ | 1.1 |  |  | $ | 0.1 |  |  | $ | 1.3 |
Asset impairment | — |  |  | — |  |  | — |  |  | 12.9 |
Other | 0.5 |  |  | 1.3 |  |  | 1.2 |  |  | 1.4 |
Total restructuring and impairment expense | $ | 0.5 |  |  | $ | 2.4 |  |  | $ | 1.3 |  |  | $ | 15.6 |
Other restructuring related charges - Cost of products sold |  |  |  |  |  |  |
Accelerated depreciation and amortization | $ | — |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |
Other restructuring related charges - General expense |  |  |  |  |  |  |
Accelerated depreciation and amortization | 0.9 |  |  | — |  |  | 1.1 |  |  | — |
Total restructuring and impairment expense and other restructuring related charges | $ | 1.4 |  |  | $ | 2.4 |  |  | $ | 2.7 |  |  | $ | 15.6 |
The following table summarizes changes in restructuring liabilities (in millions):
|  | Six Months Ended June 30,
|  | 2023 |  | 2022
Balance at beginning of period |  | $ | 4.9 |  |  | $ | 6.2 |
Accruals for announced programs |  | (0.2) |  |  | 0.4 |
Cash payments |  | (0.7) |  |  | (1.9) |
Foreign exchange impact |  | — |  |  | (0.2) |
Balance at end of period |  | $ | 4.0 |  |  | $ | 4.5 |
Restructuring liabilities were classified within Accrued expenses and other current liabilities and Other liabilities in the unaudited Condensed Consolidated Balance Sheets.

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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 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: 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 Reference 5: 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 + Details
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