Restructuring Charges

9 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring Charges

Restructuring Charges

In the third quarter of 2024, we recorded restructuring charges of $69.8 million ($52.2 million, net of tax or $0.46 per diluted share) related to actions in conjunction with an enterprise-wide comprehensive program to optimize cost structure and expand margins. The charges include $64.7 million for severance benefits and $5.1 million for strategic advisory services related to the targeted severance actions. In the Consolidated Statement of Operations for the three and nine months ended June 30, 2024, $23.2 million of the charges were recorded in Cost of sales, while $46.6 million was recorded in Selling, general and administrative expenses. We expect the total cash expenditures associated with these restructuring actions to be $69.8 million of which we paid $16.7 million during the quarter ended June 30, 2024.