Restructuring and Other Items, net

3 Months Ended

Mar. 31, 2024

Restructuring and Other Items, net [Abstract]

Restructuring and Other Items, net

Note 4.  Restructuring and Other Items, net

In the second quarter of 2023, the Company initiated a restructuring and cost savings program to further streamline its cost structure as a result of organizational efficiencies gained through the resegmentation in the first quarter of 2023. As a result, the Company recorded a charge of $6.6 million for restructuring and other charges related to severance and other costs. In the third quarter of 2023, an incremental charge of $0.3 million was recorded relating to this program.

At March 31, 2024, the Company had $3.7 million included within other current liabilities in the Condensed Consolidated Balance Sheet for cash expenditures needed to satisfy remaining obligations under workforce reduction initiatives. The Company expects to pay these amounts by end of 2024.

The following table is a reconciliation of our restructuring liability balance as of March 31, 2024:

(in millions of dollars)
Restructuring liability, December 31, 2023	$	3.8
Cash payments		(0.1	)
Restructuring liability, March 31, 2024	$	3.7