Cost-Reduction Actions

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

During the three months ended March 31, 2023, the company recognized net charges related to workforce reductions of $0.7 million, principally related to severance costs. These net charges were comprised of: (a) a charge of $2.6 million and (b) a credit of $1.9 million for changes in estimates. In addition, the company recorded a credit of $3.5 million for net foreign currency gains related to exiting foreign countries.

During the three months ended March 31, 2022, the company recognized net cost-reduction charges and other costs of $3.0 million. The credit related to workforce reductions was $0.6 million for changes in estimates. In addition, the company recorded net charges of $3.6 million comprised of a charge of $1.1 million for net foreign currency losses related to exiting foreign countries, a charge of $3.8 million for asset impairments and a credit of $1.3 million for changes in estimates related to other cost-reduction efforts.

The charges (credits) were recorded in the following statement of income (loss) classifications:


	Three Months Ended March 31,
		2023		2022
Cost of revenue		$	0.6	$	2.7
Selling, general and administrative		—		(0.7)
Research and development		0.1		(0.1)
Other (expense), net		(3.5)		1.1
Total		$	(2.8)	$	3.0

Liabilities and expected future payments related to the company’s work-force reduction actions are as follows:


	Total		U.S.		International
Balance at December 31, 2022	$	11.7	$	4.2	$	7.5
Additional provisions	2.6		0.8		1.8
Payments	(2.8)		(1.4)		(1.4)
Changes in estimates	(1.9)		(0.7)		(1.2)
Translation adjustments	0.1		—		0.1
Balance at March 31, 2023	$	9.7	$	2.9	$	6.8
Expected future utilization on balance at March 31, 2023:
Short-term	$	9.7	$	2.9	$	6.8