Restructuring

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

In the fourth quarter of 2023, the Company completed the 2022 initiative that was announced in the second quarter of 2022. The focus was to streamline operations, drive efficiencies and digitize processes. The savings realized were in line with expectations. The most significant expense of the initiative related to severance payments, while the remainder of the expenses incurred primarily relate to transitioning personnel and consultant fees in relation to the transformation process.

Also during the fourth quarter of 2023, the Company introduced its continuous improvement initiative, noting that the Company is focused on consistently innovating its solutions to support a better transaction experience for consumers at bank and retail locations while simultaneously streamlining cost structures and business processes through the integration of hardware, software and services. The most significant expense of the quarter ending March 31, 2024 is related to severance accruals, while the remainder of the expenses incurred primarily relate to transitioning personnel and consultant fees in relation to the transformation process.

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

	Successor		Predecessor
	Three months ended		Three months ended
	March 31, 2024		March 31, 2023
Cost of sales – services	$	16.3	$	0.6
Cost of sales – products	0.7		0.3
Selling and administrative expense	16.7		13.0
Research, development and engineering expense	3.0		0.6
Loss on sale of assets, net	—		0.5
Total	$	36.7	$	15.0

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

	2024
Beginning balance as of January 1 (Successor)	$	10.3
Severance accrual	22.8
Payout/Settlement	(3.4)
Other	(0.1)
Ending balance as of March 31 (Successor)	$	29.6

	2023
Beginning balance as of January 1 (Predecessor)	$	44.2
Severance accrual	4.8
Payout/Settlement	(28.2)
Other	0.3
Ending balance as of March 31 (Predecessor)	$	21.1