Restructuring Charges

6 Months Ended

Mar. 31, 2024

Operating Model Redesign

In fiscal 2024, the Company continues to take actions to strengthen its operating model, simplify the organization’s ways of working and improve manufacturing and supply chain efficiency and productivity. As a result of these actions, the Company expects to incur restructuring and repositioning related charges of approximately $19 in fiscal 2024. The Company has incurred restructuring and related charges as follows:


	Three Months Ended March 31,				Six Months Ended March 31,
	2024		2023		2024		2023
Severance and related costs	$	1.1	$	1.9	$	5.0	$	2.8
Asset write-off and accelerated depreciation	0.2		0.2		0.3		0.2
Consulting, project implementation and management, and other exit costs	1.9		1.1		4.7		3.0
Total restructuring and repositioning expenses (1) (2)	$	3.2	$	3.2	$	10.0	$	6.0

(1)Restructuring and repositioning expenses of $0.2 are included within Cost of products sold for the three and six months ended March 31, 2023.

(2)Restructuring and repositioning expenses of nil and $0.1 are included within Selling, general and administrative expense (“SG&A”) for the three and six months ended March 31, 2023, respectively.

The following table summarizes the restructuring activities and related accrual for the six months ended March 31, 2024:


					Utilized
	October 1, 2023		Charge to Income		Cash		March 31, 2024
Severance and related costs	$	3.9	$	5.3	$	(7.1)	$	2.1

Consulting, project implementation and management, and other exit costs	0.7		4.7		(5.4)		—
Total restructuring activities and related accrual	$	4.6	$	10.0	$	(12.5)	$	2.1