Quarterly report pursuant to Section 13 or 15(d)

Restructuring and Related Impairments

v3.24.3
Restructuring and Related Impairments
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Related Impairments Restructuring and Related Impairments
The Company incurs costs associated with restructuring initiatives intended to improve operating performance, profitability, and working capital levels. Actions associated with these initiatives may include improving productivity, workforce reductions, and the consolidation of facilities.
As of September 30, 2024, the Company does not expect an impact of additional charges from restructuring actions in the next 12 months.
The Company’s restructuring expenses are comprised of the following (in millions):
Three Months Ended September 30, 2024
Cost of revenue Selling, general
 and administrative		 Total
Severance and employee costs $ —  $ 0.3  $ 0.3 
Asset impairments(1)
1.5  —  1.5 
Total $ 1.5  $ 0.3  $ 1.8 
Nine Months Ended September 30, 2024
Cost of revenue Selling, general
 and administrative		 Total
Severance and employee costs $ 0.5  $ 1.0  $ 1.5 
Asset impairments(1)
1.5  1.7  3.2 
Total $ 2.0  $ 2.7  $ 4.7 

Three Months Ended September 30, 2023
Cost of revenue Selling, general
 and administrative		 Total
Severance and employee costs $ —  $ (0.1) $ (0.1)
Asset impairments(1)
—  —  — 
Total $ —  $ (0.1) $ (0.1)

Nine Months Ended September 30, 2023
Cost of Revenue Selling, general and administrative Total
Severance and employee costs $ 0.1  $ 1.1  $ 1.2 
Asset impairments(1)
—  0.4  0.4 
Total $ 0.1  $ 1.5  $ 1.6 
(1) Includes facilities costs, plant and equipment write-downs, and inventory write-downs.
The following table summarizes restructuring expenses for each reportable segment (in millions):
Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
Restructuring expenses and related asset impairments:
Medical $ 1.8  $ —  $ 4.2  $ 0.3 
Technologies —  —  0.5  0.2 
Corporate and other —  (0.1) —  1.1 
Total $ 1.8  $ (0.1) $ 4.7  $ 1.6 
The following table summarizes the changes in the Company’s accrued restructuring balance for severance and employee costs, which are included in Accrued expenses and other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets (in millions).
Balance at December 31, 2023 $ — 
Restructuring charges (excluding impairments) 1.5 
Payments (0.9)
Adjustments — 
Balance at September 30, 2024 $ 0.6