Annual report pursuant to Section 13 and 15(d)

Restructuring

v3.22.4
Restructuring
 12 Months Ended
Dec. 31, 2022
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
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 December 31, 2022, the Company has identified no restructuring actions which will result in additional charges in the next 12 months.
The Company’s restructuring expenses are comprised of the following (in millions):
Successor
Year Ended December 31, 2022
(in millions) Cost of revenues Selling, general
 and administrative		 Total
Severance and employee costs $ 0.3  $ 1.5  $ 1.8 
Other(1)
0.5  3.7  4.2 
Total $ 0.8  $ 5.2  $ 6.0 
From October 20, 2021 through December, 31, 2021
(in millions) Cost of revenues Selling, general
 and administrative		 Total
Severance and employee costs $ 0.1  $ 0.1  $ 0.2 
Other(1)
—  1.2  1.2 
Total $ 0.1  $ 1.3  $ 1.4 
Predecessor
From July 1, 2021 through
October 19, 2021
(in millions) Cost of revenues Selling, general
 and administrative		 Total
Severance and employee costs $ —  $ 1.1  $ 1.1 
Other(1)
0.1  0.3  0.4 
Total $ 0.1  $ 1.4  $ 1.5 
For the year ended June 30, 2021
(in millions) Cost of revenues Selling, general
 and administrative		 Total
Severance and employee costs $ 2.4  $ 1.6  $ 4.0 
Other(1)
0.7  0.8  1.5 
Total $ 3.1  $ 2.4  $ 5.5 
(1) Includes facilities, inventory write-downs, outside services, legal matters, and IT costs.
The Company does not allocate restructuring charges to segment income; instead, these costs are included in Corporate & other.
The following table summarizes the changes in the Company’s accrued restructuring balance, which are included in Accrued expenses and other current liabilities in the accompanying consolidated balance sheets (in millions).
Successor
Balance at December 31, 2021 $ 1.4 
Restructuring charges 6.0 
Payments (5.9)
Adjustments — 
Balance at December 31, 2022 $ 1.5