XML 26 R19.htm IDEA: XBRL DOCUMENT v3.24.3
Restructuring
9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring

9. Restructuring

 

The Company recorded $6.7 million and $6.1 million of net restructuring expense for the three and nine months ended September 30, 2024, respectively, which were primarily for severance costs related to cost reduction initiatives in both the Americas and International segments. The Company recorded $3.0 million and $6.3 million of restructuring expense for the three and nine months ended September 30, 2023, respectively, which were primarily related to severance costs associated with the footprint rationalization program in the International segment.

 

The summary of the activity in the restructuring liability for the nine months ended September 30, 2024 was as follows:

 

(in millions)

 

Balance at December 31, 2023

 

 

Provision

 

 

Cash Expenditures

 

Non-cash Items/Currency Change

 

 

Balance at September 30, 2024

 

Employee termination costs(1)

 

$

27.5

 

 

$

6.1

 

 

$

(11.4

)

$

(0.1

)

 

$

22.1

 

Other

 

 

0.9

 

 

 

 

 

 

(0.9

)

 

 

 

 

0.0

 

Total restructuring liability

 

$

28.4

 

 

$

6.1

 

 

$

(12.3

)

$

(0.1

)

 

$

22.1

 

 

(1)
We expect the remaining $22.1 million employee termination costs to be substantially paid in the next twelve months.

 

The summary of the activity in the restructuring liability for the nine months ended September 30, 2023 was as follows:

 

(in millions)

 

Balance at December 31, 2022

 

 

Provision

 

 

Cash Expenditures

 

 

Non-cash Items/Currency Change

 

 

Balance at September 30, 2023

 

Employee termination costs

 

$

8.7

 

 

$

4.9

 

 

$

(6.9

)

 

$

 

 

$

6.7

 

Other

 

 

 

 

 

1.4

 

 

 

(0.2

)

 

 

 

 

 

1.2

 

Total restructuring liability

 

$

8.7

 

 

$

6.3

 

 

$

(7.1

)

 

$

 

 

$

7.9