Restructuring

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring and Transformation Program

In 2021, we launched and committed resources to a program designed to accelerate growth and drive margin expansion through transformation of our business model to drive operational excellence, reduce complexity and streamline our processes (the “Transformation Program”). The Transformation Program is structured in multiple phases and is expected to empower us to work more efficiently and optimize our business to better serve our customers while meeting our financial objectives.

During 2022, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business, including the announcement of certain business exits within the residential business of our Consumer Solutions segment. In addition, we executed certain initiatives in 2022 and 2021 associated with the Transformation Program. Initiatives during the years ended December 31, 2022, 2021 and 2020 included a reduction in hourly and salaried headcount of approximately 625 employees, 75 employees and 175 employees, respectively.

Restructuring and transformation-related costs included in Cost of goods sold and Selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income included the following:

	Years ended December 31
In millions	2022		2021		2020
Restructuring Initiatives
Severance and related costs	$	17.7	$	7.0	$	9.7
Asset impairment and write-offs (1)	25.6		—		2.7
Other restructuring costs (2)	13.0		0.4		1.7
Total restructuring costs	56.3		7.4		14.1
Transformation Program
Severance and related costs	3.4		—		—
Other transformation costs (3)	23.8		11.7		—
Total transformation costs	27.2		11.7		—
Total restructuring and transformation costs	$	83.5	$	19.1	$	14.1

(1) Asset impairment and write-offs consist of inventory, long-lived assets and an identifiable intangible asset, which were impaired as a result of restructuring actions and certain business exits announced in the fourth quarter of 2022.

(2) Other restructuring costs primarily consist of certain accruals and various contract termination costs associated with business exits.

(3) Other transformation costs primarily consist of professional services and project management related costs.

Restructuring and transformation costs by reportable segment were as follows:

	Years ended December 31
In millions	2022		2021		2020
Consumer Solutions	$	55.4	$	0.9	$	3.6
Industrial & Flow Technologies	2.2		0.9		4.7
Other	25.9		17.3		5.8
Consolidated	$	83.5	$	19.1	$	14.1

Activity related to accrued severance and related costs recorded in Other current liabilities in the Consolidated Balance Sheets is summarized as follows:

	Years ended December 31
In millions	2022		2021
Beginning balance	$	10.7	$	15.2
Costs incurred	21.1		7.0
Cash payments and other	(8.6)		(11.5)
Ending balance	$	23.2	$	10.7