Restructuring Charges

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Charges

Restructuring Charges

Activity in our restructuring reserves was as follows:

	Severance and other exit costs
Balance at January 1, 2023	$	7,647
Amounts charged to expense	3,599
Cash payments	(4,641)
Balance at March 31, 2023	$	6,605
Balance at January 1, 2022	$	5,747
Amounts charged to expense	4,184
Cash payments	(3,285)
Noncash activity	(172)
Balance at March 31, 2022	$	6,474

The majority of the restructuring reserves are expected to be paid over the next 12 to 24 months.

In May 2023, management approved a worldwide plan (the 2023 Plan) designed to improve profitability and cash flow by reducing complexity, streamlining processes, and driving further operational efficiencies. The 2023 Plan includes the elimination of 400-500 positions worldwide, in part, through the expansion of the Company’s shared services activities, further centralization and standardization of processes, increased automation and the closure and consolidation of select facilities in North America. Total charges are expected to be $40 million - $50 million, consisting of employee-related costs and facility consolidation costs. We expect to substantially complete these actions by the first half of 2024.