Reorganization and Restructuring

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

2022 Global Restructuring Plan

In the third quarter of 2022, management began a restructuring plan across our global business operations. The actions were taken to enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions. As a result of actions taken, we recognized $22.2 million in charges in 2022, which primarily consisted of severance costs. For the restructuring actions that were approved as of December 31, 2022, we expect to incur additional costs between $10 million and $14 million in future periods, primarily severance costs.

The following table summarizes the changes in the accrued liability for costs incurred, payments and utilization, and foreign currency exchange effects of the 2022 Global Restructuring Plan:


(In millions)	Severance Costs		Other	Total

Balance as of January 1, 2022	$	—	—	—
Expense	18.8		3.4	22.2
Payments and utilization	(8.1)		(3.4)	(11.5)

Foreign currency exchange effects	0.8		—	0.8
Balance as of December 31, 2022	$	11.5	—	11.5

Other Restructurings

Management periodically implements restructuring actions in targeted sections of our business. As a result of these actions, we recognized $66.6 million net costs in operating profit and $0.6 million costs in interest and other nonoperating income (expense) in 2020, primarily severance costs. We recognized $43.6 million net costs in 2021, primarily severance costs. We recognized $16.6 million net costs in 2022, primarily severance costs. The majority of the costs from 2022 restructuring plans resulted from the exit of a line of business in a specific geography with most of the remaining costs due to management initiatives to address the COVID-19 pandemic. For the restructuring actions that have not yet been completed, we expect to incur additional costs between $1 million and $3 million in future periods.

The following table summarizes the costs incurred, payments and utilization, and foreign currency exchange effects of other restructurings:


(In millions)	Severance Costs		Other	Total

Balance as of December 31, 2020	$	9.3	—	9.3
Expense	37.6		6.0	43.6
Payments and utilization	(35.3)		(6.0)	(41.3)

Foreign currency exchange effects	(0.6)		—	(0.6)
Balance as of December 31, 2021	$	11.0	—	11.0
Expense (benefit)	15.5		5.4	20.9
Payments and utilization	(18.2)		(5.4)	(23.6)
Accrual adjustment	(4.3)		—	(4.3)
Foreign currency exchange effects	(1.3)		—	(1.3)
Balance as of December 31, 2022	$	2.7	—	2.7