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Restructuring
3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring

10. Restructuring

 

The Company recorded $2.3 million of net restructuring expense for the three months ended March 31, 2025, which were primarily for severance and other costs associated with our continuing footprint rationalization and cost reduction programs in both the Americas and International segments. The Company recorded a $0.3 million reduction in the restructuring provision for the three months ended March 31, 2024, which were primarily for severance related to cost reduction initiatives in the International segment.

 

The summary of the activity in the restructuring liability for the three months ended March 31, 2025 was as follows:

 

(in millions)

 

Balance at December 31, 2024

 

 

Provision

 

 

Cash Expenditures

 

Non-cash Items/Currency Change

 

 

Balance at March 31, 2025

 

Employee termination costs(1)

 

$

26.6

 

 

$

0.5

 

 

$

(7.8

)

$

0.2

 

 

$

19.5

 

Other

 

 

 

 

 

1.8

 

 

 

(1.8

)

 

 

 

 

 

Total restructuring liability

 

$

26.6

 

 

$

2.3

 

 

$

(9.6

)

$

0.2

 

 

$

19.5

 

 

(1)
We expect the remaining $19.5 million of employee termination costs to be substantially paid in the next nine months.

 

The summary of the activity in the restructuring liability for the three months ended March 31, 2024 was as follows:

 

(in millions)

 

Balance at December 31, 2023

 

 

Provision

 

 

Cash Expenditures

 

 

Non-cash Items/Currency Change

 

 

Balance at March 31, 2024

 

Employee termination costs

 

$

27.5

 

 

$

(0.3

)

 

$

(4.7

)

 

$

(0.2

)

 

$

22.3

 

Other

 

 

0.9

 

 

 

 

 

 

(0.1

)

 

 

 

 

 

0.8

 

Total restructuring liability

 

$

28.4

 

 

$

(0.3

)

 

$

(4.8

)

 

$

(0.2

)

 

$

23.1