Restructuring Activities

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Activities

Restructuring Activities

Restructuring costs of $13.5 for the year ended December 31, 2023, were primarily related to cost reduction actions relative to Howden integration. Restructuring credits of $1.0 for the year ended December 31, 2022, were primarily related to the reversal of prior restructuring accruals for employee retention at our Houston, Texas facility which was offset by moving and employee severance costs relative to restructuring at our Beasley, Texas, Houston, Texas, and Tulsa Oklahoma facilities. Restructuring costs of $3.5 for the year ended December 31, 2021, were primarily related to moving and employee severance costs. During the third quarter of 2021, we announced our intention to transfer our Houston, Texas repair and service operations to our Beasley, Texas location.

We closely monitor our end markets and order rates and continue to take appropriate and timely actions as necessary.

The following table summarizes severance and other restructuring costs (credits), which includes employee-related costs, facility rent and exit costs, relocation, recruiting, travel and other:

	Year Ended December 31,
	2023		2022		2021
Severance:
Cost of sales	$	0.3	$	—	$	0.4
Selling, general, and administrative expenses	11.8		—		0.8
Total severance costs	12.1		—		1.2
Other restructuring:
Cost of sales	0.2		(1.0)		2.2
Selling, general, and administrative expenses	1.2		—		0.1
Total other restructuring costs (credits)	1.4		(1.0)		2.3
Total restructuring costs (credits)	$	13.5	$	(1.0)	$	3.5

The following table summarizes restructuring costs (credits) by reportable segment:

	Year Ended December 31,
	2023		2022		2021
Cryo Tank Solutions	$	1.6	$	0.1	$	0.3
Heat Transfer Systems	0.9		0.3		1.7
Specialty Products	1.8		—		—
Repair, Service & Leasing	4.0		(1.4)		1.5
Corporate	5.2		—		—
Total restructuring costs (credits)	$	13.5	$	(1.0)	$	3.5

The following table summarizes our consolidated restructuring activities:

Balance as of December 31, 2020	$	0.8
Restructuring costs	3.5
Cash payments and other	(2.0)
Balance as of December 31, 2021	2.3
Restructuring credits	(1.0)
Cash payments and other	(1.1)
Balance as of December 31, 2022	0.2
Restructuring costs	13.5
Cash payments and other	(11.8)
Balance as of December 31, 2023	$	1.9