Note 4 - Management Actions

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

4. Management Actions

Restructuring Actions

During the three and six months ended June 30, 2022 and June 30, 2021, we incurred restructuring expenses as part of our ongoing global reorganization efforts. The following pre-tax restructuring charges were included in selling and administrative expense in the consolidated statements of income:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Severance-related costs	$	0.1	$	0.9	$	0.3	$	0.9
Other costs		0.3		—		0.3		—
Total pre-tax restructuring costs	$	0.4	$	0.9	$	0.6	$	0.9

The charges in 2022 primarily impacted the Americas and APAC operating segments. The charges in 2021 primarily impacted the EMEA and APAC operating segments. Our restructuring actions represent the continued execution of a multi-year enterprise strategy to drive increased productivity throughout our operations.

A reconciliation of the beginning and ending liability balances for severance-related costs is as follows:

	Six Months Ended
	June 30,
	2022			2021
Beginning balance	$	4.9		$	4.5
New charges		0.9			0.9
Cash payments		(1.9	)		(1.2	)
Foreign currency fluctuations		(0.5	)		(0.1	)
Adjustments to accrual		(0.6	)		—
Ending balance	$	2.8		$	4.1