XML 19 R9.htm IDEA: XBRL DOCUMENT v3.24.3
Restructuring and Other Similar Charges
9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other Similar Charges Restructuring and Other Similar Charges
During the three and nine months ended September 30, 2024, the Company continued to execute various restructuring actions. These initiatives were implemented to drive efficiencies and reduce operating costs while also modifying the Company's footprint to reflect changes in the markets it serves, the impact of mergers and acquisitions, including Elkay, on the Company's overall manufacturing capacity and the refinement of its overall product portfolio. These restructuring actions primarily resulted in workforce reductions, lease termination costs and other facility rationalization costs. Management expects to continue executing similar initiatives to optimize the Company's operating margin and manufacturing footprint. As such, the Company expects further expenses related to workforce reductions, potential impairment or accelerated depreciation of assets, lease termination costs and other facility rationalization costs. The Company's restructuring plans are preliminary and the full extent of related expenses are not yet estimable.
The following table summarizes the Company's restructuring and other similar charges during the three and nine months ended September 30, 2024 and September 30, 2023, (in millions):
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Employee termination benefits$0.6 $0.5 $1.0 $3.4 
Contract termination and other associated costs2.1 1.7 8.7 8.5 
Total restructuring and other similar charges$2.7 $2.2 $9.7 $11.9 
The following table summarizes the activity in the Company's restructuring accrual for the nine months ended September 30, 2024 (in millions):
Employee termination benefitsContract termination and other associated costsTotal
Accrued restructuring costs, December 31, 2023 (1)$0.7 $0.6 $1.3 
Charges1.0 8.7 9.7 
Cash payments(1.2)(2.2)(3.4)
Non-cash charges (2)— (6.8)(6.8)
Accrued restructuring costs, September 30, 2024 (1)$0.5 $0.3 $0.8 
____________________
(1)As of September 30, 2024 and December 31, 2023, the restructuring accrual is included in other current liabilities in the condensed consolidated balance sheets.
(2)Non-cash charges consist primarily of asset impairments based on Level 3 inputs.