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Cost-Reduction Actions

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

Cost-Reduction Actions

Cost-Reduction Actions

During the three months ended March 31, 2022, the company recognized cost-reduction charges and other costs of $3.0 million. The credit related to work-force reductions was $0.6 million for changes in estimates. In addition, the company recorded net charges of $3.6 million comprised of a charge of $1.1 million for net foreign currency losses related to exiting foreign countries, a charge of $3.8 million for asset impairments and a credit of $1.3 million for changes in estimates related to other cost-reduction efforts.

During the three months ended March 31, 2021, the company recognized cost-reduction charges and other costs of $8.5 million. The net credits related to work-force reductions were $1.6 million, principally related to severance costs, and were comprised of: (a) a charge of $2.9 million and (b) a credit of $4.5 million for changes in estimates. In addition, the company recorded charges of $10.1 million comprised of $2.3 million for net foreign currency losses related to exiting foreign countries, $2.4 million for asset impairments and $5.4 million for other expenses related to other cost reduction efforts.

The charges (credits) were recorded in the following statement of income (loss) classifications:

												Three Months Ended March 31,
																		2022						2021
Cost of revenue																		$	2.7					$	(1.7)
Selling, general and administrative																		(0.7)						6.2
Research and development																		(0.1)						1.7
Other (expense), net																		1.1						2.3
Total																		$	3.0					$	8.5

Liabilities and expected future payments related to the company’s work-force reduction actions are as follows:

						Total						U.S.						International
Balance at December 31, 2021						$	16.3					$	5.7					$	10.6
Payments						(3.8)						(1.5)						(2.3)
Changes in estimates						(0.6)						(0.5)						(0.1)
Translation adjustments						(0.3)						—						(0.3)
Balance at March 31, 2022						$	11.6					$	3.7					$	7.9
Expected future utilization on balance at March 31, 2022:
Short-term						$	11.0					$	3.7					$	7.3
Long-term						$	0.6					$	—					$	0.6

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- References

No definition available.

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(e))
-URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

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