Quarterly report pursuant to Section 13 or 15(d)

Restructuring

v3.23.1
Restructuring
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023, the Company has identified restructuring actions which will result in additional charges of approximately $1.1 million, primarily in the next 12 months.
Future Estimated Restructuring Expense by Segment (in millions)
Medical Industrial Corporate Total
$ 0.6  $ 0.4  $ 0.1  $ 1.1 
The Company’s restructuring expenses are comprised of the following (in millions):
Three Months Ended March 31, 2023
Cost of revenue Selling, general
 and administrative		 Total
Severance and employee costs $ —  $ 1.2  $ 1.2 
Other(1)
—  0.2  0.2 
Total $ —  $ 1.4  $ 1.4 
Three Months Ended March 31, 2022
Cost of revenue Selling, general
 and administrative		 Total
Severance and employee costs $ 0.1  $ 0.9  $ 1.0 
Other(1)
—  1.0  1.0 
Total $ 0.1  $ 1.9  $ 2.0 
(1) Includes facilities, inventory write-downs, outside services, legal matters, and IT costs.
The following table summarizes restructuring expenses for each reportable segment (in millions):
Three Months Ended
March 31,
2023 2022
Restructuring expenses:
Medical $ 0.3  $ 1.5 
Industrial 0.1  — 
Corporate and other 1.0  0.5 
Total $ 1.4  $ 2.0 
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 Condensed Consolidated Balance Sheets (in millions).
Balance at December 31, 2022 $ 1.5 
Restructuring charges 1.4 
Payments (0.6)
Adjustments — 
Balance at March 31, 2023 $ 2.3