Restructuring

6 Months Ended

Jun. 30, 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 June 30, 2023, the Company incurred $18.6 of restructuring and transformation costs. $1.6 and $6.4 was accrued for future severance payments under an ongoing severance benefit program during the three and six months ended June 30, 2023, respectively, 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				Six months ended
	June 30,				June 30,
	2023		2022		2023		2022
Cost of sales – services	$	3.6	$	4.4	$	4.2	$	4.4
Cost of sales – products	0.3		8.7		0.6		8.7
Selling and administrative expense	13.4		57.9		26.4		57.9
Research, development and engineering expense	0.5		7.3		1.1		7.3
Loss on sale of assets, net	0.8		—		1.3		—
Total	$	18.6	$	78.3	$	33.6	$	78.3

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	6.4		54.9
Liabilities acquired	—		—
Payouts/Settlements	(36.3)		(16.0)
Other	0.3		—
Ending balance as of June 30	$	14.6	$	74.2