Restructuring

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

In the second quarter of 2022, the Company announced a new initiative to streamline operations, drive efficiencies and digitize processes, targeting annualized cost savings of more than $150.0 by the end of 2023. During the three months ended March 31, 2023, the Company incurred $15.0 of restructuring and transformation costs. During the quarter $4.8 that was accrued for future severance payments under an ongoing severance benefit program, while the remainder of the expenses incurred primarily relates to transitioning personnel and consultant fees in relation to the transformation process.

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


	Three months ended
	March 31,
	2023		2022
Cost of sales – services	$	0.6	$	—
Cost of sales – products	0.3		—
Selling and administrative expense	13.0		—
Research, development and engineering expense	0.6		—
Loss on sale of assets, net	0.5		—
Total	$	15.0	$	—

The following table summarizes the Company’s severance accrual balance and related activity:


	2023		2022
Beginning balance as of January 1	$	44.2	$	35.3
Severance accruals	4.8		—
Liabilities acquired	—		—
Payouts/Settlements	(28.2)		(11.6)
Other	0.3		(0.3)
Ending balance as of March 31	$	21.1	$	23.4