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Restructuring, Impairment and Transaction-Related Charges | 9 Months Ended
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Sep. 30, 2025
Restructuring and Related Activities [Abstract] |
Restructuring, Impairment and Transaction-Related Charges | Restructuring, Impairment and Transaction-Related Charges, Net The Company recorded restructuring, impairment and transaction-related charges, net for the three and nine months ended September 30, 2025 and 2024, as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Employee termination charges | $ | 2.3 |  |  | $ | 2.2 |  |  | $ | 8.8 |  |  | $ | 19.1 |
Impairment charges | 0.6 |  |  | 52.2 |  |  | 5.1 |  |  | 65.9 |
Transaction-related charges | 0.4 |  |  | 0.9 |  |  | 3.4 |  |  | 1.8 |
Integration costs | 1.6 |  |  | 0.1 |  |  | 1.8 |  |  | 0.3 |
Other restructuring charges (income) | 2.4 |  |  | (16.1) |  |  | 4.0 |  |  | (5.2) |
Total | $ | 7.3 |  |  | $ | 39.3 |  |  | $ | 23.1 |  |  | $ | 81.9 |
The net costs related to these activities have been recorded in the condensed consolidated statements of operations as restructuring, impairment and transaction-related charges, net. See Note 16, “Segment Information,” for restructuring, impairment and transaction-related charges, net by segment. Restructuring Charges The Company has a restructuring program related to eliminating excess manufacturing capacity and properly aligning its cost structure. The Company classifies the following charges as restructuring: •Employee termination charges are incurred when the Company reduces its workforce through facility consolidations and separation programs. •Integration costs are incurred primarily for the integration of acquired companies. •Other restructuring charges (income) are presented net of the gain on the sale of the West Sacramento, California facility during the nine months ended September 30, 2025, and the sale of the Saratoga Springs, New York facility during the three and nine months ended September 30, 2024. The components of other restructuring charges (income) consisted of the following during the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Vacant facility carrying costs and lease exit charges | $ | 2.0 |  |  | $ | 3.8 |  |  | $ | 6.1 |  |  | $ | 13.2 |
Equipment and infrastructure removal costs | 0.3 |  |  | 0.4 |  |  | 1.5 |  |  | 1.7 |
Gain on the sale of a facility | — |  |  | (20.5) |  |  | (4.3) |  |  | (20.5) |
Loss on the sale of a business | — |  |  | — |  |  | 0.5 |  |  | — |
Other restructuring activities | 0.1 |  |  | 0.2 |  |  | 0.2 |  |  | 0.4 |
Other restructuring charges (income) | $ | 2.4 |  |  | $ | (16.1) |  |  | $ | 4.0 |  |  | $ | (5.2) |
The restructuring charges recorded were based on plans that have been committed to by management and were, in part, based upon management’s best estimates of future events. Changes to the estimates may require future restructuring charges and adjustments to the restructuring liabilities. The Company expects to incur additional restructuring charges related to these and other initiatives. Impairment Charges The Company recognized impairment charges of $0.6 million during the three months ended September 30, 2025, which consisted of $0.4 million for certain property, plant and equipment no longer being utilized in production as a result of facility consolidations, as well as other capacity reduction activities, and $0.2 million for operating lease right-of-use assets. The Company recognized impairment charges of $5.1 million during the nine months ended September 30, 2025, which consisted of $3.0 million for software licensing and related implementation costs from a terminated project, $1.9 million for certain property, plant and equipment no longer being utilized in production as a result of facility consolidations, as well as other capacity reduction activities, and $0.2 million for operating lease right-of-use assets. The Company recognized impairment charges of $52.2 million and $65.9 million during the three and nine months ended September 30, 2024, respectively, which consisted of $50.9 million to reduce the carrying value of the majority of the European operations to fair value, including $38.3 million for foreign currency translation adjustments and $12.6 million for property, plant and equipment, $0.5 million and $11.9 million, respectively, for machinery and equipment no longer being utilized in production as a result of facility consolidations, as well as other capacity reduction activities, and $0.8 million and $3.1 million, respectively, for operating lease right-of-use assets. The fair values of the impaired assets were determined by the Company to be Level 3 under the fair value hierarchy (see Note 10, “Financial Instruments and Fair Value Measurements,” for the definition of Level 3 inputs) and were estimated based on broker quotes, internal expertise related to current marketplace conditions and estimated future discounted cash flows. These assets were adjusted to their estimated fair values at the time of impairment. If estimated fair values subsequently decline, the carrying values of the assets are adjusted accordingly. Transaction-Related Charges The Company incurs transaction-related charges primarily consisting of professional service fees related to business acquisition and divestiture activities, including charges related to the sale of the European operations. Transaction-related charges of $0.4 million and $3.4 million were recorded during the three and nine months ended September 30, 2025, respectively, and $0.9 million and $1.8 million were recorded during the three and nine months ended September 30, 2024, respectively. Restructuring Reserves Activity impacting the Company’s restructuring reserves for the nine months ended September 30, 2025, was as follows:
| Employee Termination Charges |  | Impairment Charges |  | Transaction-Related Charges |  | Integration Costs |  | Other Restructuring Charges |  | Total
Balance at December 31, 2024 | $ | 10.8 |  |  | $ | — |  |  | $ | 1.5 |  |  | $ | — |  |  | $ | 49.8 |  |  | $ | 62.1 |
Expense, net | 8.8 |  |  | 5.1 |  |  | 3.4 |  |  | 1.8 |  |  | 4.0 |  |  | 23.1 |
Cash payments, net | (17.3) |  |  | — |  |  | (4.3) |  |  | (1.8) |  |  | (3.6) |  |  | (27.0) |
Non-cash adjustments/reclassifications | — |  |  | (5.1) |  |  | — |  |  | — |  |  | (41.3) |  |  | (46.4) |
Balance at September 30, 2025 | $ | 2.3 |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | 8.9 |  |  | $ | 11.8 |
The Company’s restructuring reserves at September 30, 2025, included a short-term and a long-term component. The short-term portion included $4.0 million in other current liabilities and $0.5 million in accounts payable in the condensed consolidated balance sheets as the Company expects these reserves to be settled within the next twelve months. The long-term portion of $7.3 million is included in other long-term liabilities in the condensed consolidated balance sheets.

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- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
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