Restructuring Costs

12 Months Ended

Dec. 31, 2023

Restructuring costs

Restructuring costs

Note 18 – Restructuring costs:

As part of overall cost saving measures to improve our long-term cost structure, during the third quarter of 2023 we began implementing certain voluntary and involuntary workforce reductions. A substantial portion of our workforce reductions were accomplished through voluntary programs for which eligible workforce reduction costs are recognized at the time both the employee and employer are irrevocably committed to the terms of the separation. These workforce reductions impacted approximately 100 individuals and are substantially completed. We recognized a total of approximately $6 million in selling, general and administrative expense related to these workforce reductions in 2023. We do not expect to accrue any further material amounts associated with the affected individuals who are providing service to us past December 31, 2023. Accrued severance costs at December 31, 2023 are expected to be paid by the first quarter of 2024 and are included in Accounts payable and accrued liabilities – Other on our Consolidated Balance Sheet. See Note 9 to our Consolidated Financial Statements.

A summary of the activity in our accrued workforce reduction costs for 2023 is shown in the table below (in millions):

Accrued workforce reduction costs as of January 1, 2023	$	-
Workforce reduction costs accrued		5.8
Workforce reduction costs paid		(.9)
Currency translation adjustments, net		.1
Accrued workforce reduction costs at December 31, 2023	$	5.0
Amounts recognized in the balance sheet:
Current liability	$	5.0
Noncurrent liability		-
	$	5.0