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Restructuring, Impairment and Transaction-Related Charges
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring, Impairment and Transaction-Related Charges Restructuring, Impairment and Transaction-Related Charges
The Company recorded restructuring, impairment and transaction-related charges for the three months ended March 31, 2024 and 2023, as follows:
Three Months Ended March 31,
20242023
Employee termination charges$13.7 $13.1 
Impairment charges12.6 9.5 
Transaction-related charges0.5 0.6 
Integration costs0.1 0.5 
Other restructuring charges5.6 2.3 
Total$32.5 $26.0 

The costs related to these activities have been recorded in the condensed consolidated statements of operations as restructuring, impairment and transaction-related charges. See Note 16, “Segment Information,” for restructuring, impairment and transaction-related charges by segment.

Restructuring Charges

The Company has a restructuring program related to eliminating excess manufacturing capacity and properly aligning its cost structure. The Company classifies the following charges as restructuring:
•Employee termination charges are incurred when the Company reduces its workforce through facility consolidations and separation programs.
•Integration costs are incurred primarily for the integration of acquired companies.
•Other restructuring charges consisted of the following during the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
20242023
Vacant facility carrying costs and lease exit charges$4.3 $1.9 
Equipment and infrastructure removal costs1.1 0.3 
Other restructuring activities0.2 0.1 
Other restructuring charges$5.6 $2.3 
The restructuring charges recorded were based on plans that have been committed to by management and were, in part, based upon management’s best estimates of future events. Changes to the estimates may require future restructuring charges and adjustments to the restructuring liabilities. The Company expects to incur additional restructuring charges related to these and other initiatives.

Impairment Charges

The Company recognized impairment charges of $12.6 million during the three months ended March 31, 2024, which consisted of $10.8 million for certain property, plant and equipment no longer being utilized in production as a result of facility consolidations, as well as other capacity reduction activities, and $1.8 million for operating lease right-of-use assets.

The Company recognized impairment charges of $9.5 million during the three months ended March 31, 2023, which consisted primarily of certain property, plant and equipment no longer being utilized in production as a result of facility consolidations, as well as other capacity reduction activities.

The fair values of the impaired assets were determined by the Company to be Level 3 under the fair value hierarchy (see Note 10, “Financial Instruments and Fair Value Measurements,” for the definition of Level 3 inputs) and were estimated based on broker quotes, internal expertise related to current marketplace conditions and estimated future discounted cash flows. These assets were adjusted to their estimated fair values at the time of impairment. If estimated fair values subsequently decline, the carrying values of the assets are adjusted accordingly.

Transaction-Related Charges

The Company incurs transaction-related charges primarily consisting of professional service fees related to business acquisition and divestiture activities. Transaction-related charges of $0.5 million and $0.6 million were recorded during the three months ended March 31, 2024 and 2023, respectively.

Restructuring Reserves

Activity impacting the Company’s restructuring reserves for the three months ended March 31, 2024, was as follows:
Employee
Termination
Charges		Impairment
Charges		Transaction-Related
Charges		Integration
Costs		Other
Restructuring
Charges		Total
Balance at December 31, 2023$17.6 $— $2.5 $— $11.8 $31.9 
Expense, net13.7 12.6 0.5 0.1 5.6 32.5 
Cash payments, net(12.0)— (2.2)(0.1)(6.2)(20.5)
Non-cash adjustments/reclassifications— (12.6)— — 0.3 (12.3)
Balance at March 31, 2024$19.3 $— $0.8 $— $11.5 $31.6 

The Company’s restructuring reserves at March 31, 2024, included a short-term and a long-term component. The short-term portion included $22.9 million in other current liabilities and $0.6 million in accounts payable in the condensed consolidated balance sheets as the Company expects these reserves to be settled within the next twelve months. The long-term portion of $8.1 million is included in other long-term liabilities in the condensed consolidated balance sheets.