Restructuring

9 Months Ended

Sep. 30, 2021

Restructuring

Restructuring

NOTE 17—RESTRUCTURING

Refer to the Annual Report for further details regarding the Company’s previously announced restructuring activities included in the tables below. Restructuring charges are included within “Selling, general and administrative expenses” in the condensed consolidated statements of operations.

The following table provides detail of the Company’s restructuring charges for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended				Nine Months Ended				Cumulative
	September 30,				September 30,				Life-to-date
	2021		2020		2021		2020		Charges		Segment
Corporate Restructuring Program
Accelerated depreciation	$	—	$	—	$	(0.4)	$	2.5	$	2.5
Employee termination benefits		(0.1)		(0.5)		0.4		3.9		19.9
Contract terminations		—		—		—		2.4		2.8
Decommissioning and other		—		0.2		—		0.2		0.2
Corporate Program Subtotal	$	(0.1)	$	(0.3)	$	—	$	9.0	$	25.4	N/A(1)
Transformational Restructuring Program
Employee termination benefits	$	0.3	$	—	$	6.4	$	—	$	6.4	N/A(2)
Transformational Program Subtotal	$	0.3	$	—	$	6.4	$	—	$	6.4
Other Restructurings		—		0.2		—		0.5			Various
Total Restructuring Charges	$	0.2	$	(0.1)	$	6.4	$	9.5

(1) In November 2019, the Company announced a corporate restructuring program associated with the Company’s shift to a global functional structure and business excellence initiatives to drive greater focus on business process optimization and efficiency, which continued through the three and nine months ended September 30, 2021. The Company expects to incur a limited amount of incremental employee termination benefit charges through the end of 2021, and the majority of these benefits are expected to be paid by the end of 2021. As this was identified as a corporate-related activity, the charges related to this restructuring program were not allocated to a specific segment, but rather included within corporate unallocated.

(2) In May 2021, the Company approved a transformational restructuring program associated with the Company’s recent strategic initiatives. In connection with this restructuring program, during the three and nine months

ended September 30, 2021, the Company incurred employee termination benefits charges of $0.3 million and $6.4 million, respectively. The Company expects to incur incremental employee termination benefit charges related to impacted employees as of September 30, 2021 of less than $1.0 million, the majority of which are expected to be paid by June 30, 2022. As this was identified as a corporate-related activity, the charges related to this restructuring program were not allocated to a specific segment, but rather included within corporate unallocated.

The following table provides a roll forward of the liability balances associated with the Company’s restructuring activities as of September 30, 2021. Employee termination benefit and contract termination charges are primarily recorded within “Accrued expenses and other current liabilities” in the condensed consolidated balance sheets.

	Balance at						Balance at
	December 31, 2020		Expenses		Deductions(1)		September 30, 2021
Employee termination benefits	$	7.9	$	6.8	$	(5.4)	$	9.3
Contract terminations		0.1		—		(0.1)		—
Total	$	8.0	$	6.8	$	(5.5)	$	9.3

(1) Primarily includes payments made against the existing accrual, as well as immaterial impacts of foreign currency remeasurement.