Restructuring

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND OTHER CHARGES

Restructuring

In the fourth quarter of 2021, the Company completed the execution of a multi-year restructuring and transformation program called DN Now.

On May 10, 2022, the Company announced a new initiative to streamline operations, drive efficiencies and digitize processes, targeting annualized cost savings of more than $150.0 over the next twelve to eighteen months. The financial implications of the new initiative are not reflected in the consolidated financial statements for the period ended March 31, 2022 because the initiative was not established until after the balance sheet date.

The following table summarizes the impact of the Company’s restructuring charges on the consolidated statements of operations:

	Three months ended
	March 31
	2022		2021
Cost of sales – products	$	—	$	0.5
Selling and administrative expense	—		5.2
Research, development and engineering expense	—		0.3
Total	$	—	$	6.0

The following table summarizes the Company’s restructuring charges by reporting segment:

	Three months ended
	March 31
	2022		2021
Non-severance charges
Eurasia Banking	$	—	$	0.5
Corporate	—		5.5
Total	$	—	$	6.0

The following table summarizes the Company's cumulative restructuring costs for DN Now, all of which were incurred prior to 2022:

	DN Now
	Severance		Other
Eurasia Banking	$	89.4	$	2.6
Americas Banking	16.1		0.1
Retail	39.9		3.8
Corporate	54.8		12.2
Total	$	200.2	$	18.7

The following table summarizes the Company’s restructuring accrual balances and related activity:

	2022		2021
Beginning balance as of January 1	$	35.3	$	62.9
Payouts/Settlements	(11.6)		(8.9)
Other	(0.3)		(3.1)
Ending balance as of March 31	$	23.4	$	50.9