Restructuring Costs and Other

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring Costs and Other

Restructuring Costs and Other

In the three months ended March 31, 2024, we incurred costs for restructuring actions initiated in 2024 as well as costs for restructuring actions initiated in prior years. Our restructuring actions are associated with cost reduction efforts that include the consolidation of manufacturing and distribution facilities as well as workforce reductions. Restructuring costs include severance and employee benefits, asset impairments, accelerated depreciation, as well as facility closure, contract termination and certain pension costs that are directly related to restructuring actions. These costs are predominantly settled in cash from our operating activities and are generally settled within one year, with the exception of asset impairments, which are non-cash.

Pre-tax restructuring costs incurred in each of our reporting segments and the location of the costs in the Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 are as follows (in millions):

	Three Months Ended March 31,
	2024		2023		2024		2023		2024		2023
	Cost of goods sold				Selling & administrative expense				Total
Utility Solutions	$	1.4	$	0.7	$	0.5	$	0.1	$	1.9	$	0.8
Electrical Solutions	3.0		(0.3)		0.3		—		3.3		(0.3)
Total Pre-Tax Restructuring Costs	$	4.4	$	0.4	$	0.8	$	0.1	$	5.2	$	0.5

Three Months Ended March 31,

The following table summarizes the accrued liabilities for our restructuring actions (in millions):

	Beginning Accrued  Restructuring Balance 1/1/24		Pre-tax Restructuring Costs		Utilization and Foreign Exchange		Ending Accrued Restructuring Balance 3/31/24
2024 Restructuring Actions
Severance	$	—	$	4.3	$	(0.2)	$	4.1
Asset write-downs	—		—		—		—
Facility closure and other costs	—		0.4		(0.4)		—
Total 2024 Restructuring Actions	$	—	$	4.7	$	(0.6)	$	4.1
2023 and Prior Restructuring Actions
Severance	$	3.9	$	0.2	$	(0.6)	$	3.5
Asset write-downs	—		—		—		—
Facility closure and other costs	0.1		0.3		(0.4)		—
Total 2023 and Prior Restructuring Actions	$	4.0	$	0.5	$	(1.0)	$	3.5
Total Restructuring Actions	$	4.0	$	5.2	$	(1.6)	$	7.6

The actual costs incurred and total expected cost in each of our reporting segments of our on-going restructuring actions are as follows (in millions):

	Total expected costs		Costs incurred during 2023		Costs incurred in the first three months of 2024		Remaining costs at 3/31/2024
2024 Restructuring Actions
Utility Solutions	$	2.0	$	—	$	1.5	$	0.5
Electrical Solutions	7.8		—		3.2		4.6
Total 2024 Restructuring Actions	$	9.8	$	—	$	4.7	$	5.1
2023 and Prior Restructuring Actions
Utility Solutions	$	4.2	$	2.9	$	0.4	$	0.9
Electrical Solutions	4.2		2.5		0.1		1.6
Total 2023 and Prior Restructuring Actions	$	8.4	$	5.4	$	0.5	$	2.5
Total Restructuring Actions	$	18.2	$	5.4	$	5.2	$	7.6