Restructuring (Tables)

9 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

The pre-tax expense for charges related to the restructuring plans for the quarters and nine months ended June 30, 2023 and 2022 are noted in the table below, and were reflected in the Consolidated (Condensed) Statement of Earnings and Comprehensive Income:


	For the Quarters Ended June 30,				For the Nine Months Ended June 30,
	2023		2022		2023		2022
2019 Restructuring Program
Costs of products sold
Severance and related benefit costs	$	—	$	—	$	—	$	(0.1)
Accelerated depreciation & asset write-offs	—		—		—		1.2
Other exit costs(1)	—		—		—		2.8
Other items, net
Gain on termination of finance lease(2)	—		(4.5)		—		(4.5)
2019 Restructuring Total	$	—	$	(4.5)	$	—	$	(0.6)
2020 Restructuring Program
Costs of products sold
Severance and related benefit costs	$	—	$	—	$	—	$	0.2
Other restructuring related costs(3)	—		—		—		1.1
Selling, general and administrate expense
Severance and related benefit costs	—		—		—		0.1



2020 Restructuring Total	$	—	$	—	$	—	$	1.4
Project Momentum Restructuring
Costs of products sold
Severance and related benefit costs	$	0.7	$	—	$	5.6	$	—
Accelerated depreciation & asset write-offs	1.6		—		2.5		—
Other restructuring related costs(1)	4.2		—		4.4		—
Selling, general and administrate expense
Severance and related benefit costs	0.7		—		1.3		—
Other restructuring related costs(3)	1.9		—		9.4		—
Other items, net	(0.2)				(0.2)

Momentum Restructuring Cost Total	$	8.9	$	—	$	23.0	$	—
IT enablement(4)	0.2		—		0.2		—
Total restructuring and related costs	$	9.1	$	(4.5)	$	23.2	$	0.8

(1) Includes charges primarily related to consulting, relocation, environmental investigatory and mitigation costs, and other facility exit costs.

(2) Relates to the termination of the finance lease from exiting our Dixon, IL leased packaging facility in the third quarter of fiscal 2022.

(3) Primarily includes consulting and legal fees for the restructuring program.

(4) Relates to expenses for new IT systems that are enabling the Company to complete restructuring initiatives. Costs are included in SG&A in the Consolidated (Condensed) Statement of Earnings and Comprehensive Income.

Schedule of Restructuring Reserve by Type of Cost

The following table summarizes the activity related to the Project Momentum restructuring program for the nine months ended June 30, 2023:


					Utilized
	September 30, 2022		Charge to Income		Cash		Non-Cash		June 30, 2023 (1)
Severance & termination related costs	$	—	$	6.9	$	1.1	$	—	$	5.8
Accelerated depreciation & asset write-offs	—		2.5		—		2.5		—
Other restructuring related costs	0.9		13.6		14.1		(0.2)		0.6
IT enablement	—		0.2		0.2		—		—
Total restructuring and related costs	$	0.9	$	23.2	$	15.4	$	2.3	$	6.4

(1) At June 30, 2023, the restructuring reserve is recorded on the Consolidated (Condensed) Balance Sheet in Other current liabilities and Other long term liabilities. Refer to Note 13, Supplemental Financial Statement Information for additional details.

The following table summarizes the activity related to the 2019 restructuring program for the nine months ended June 30, 2022 and 2023:


					Utilized
	September 30, 2021		Charge to Income		Cash		Non-Cash		June 30, 2022 (1)
Severance & termination related costs	$	1.4	$	(0.1)	$	1.2	$	—	$	0.1
Accelerated depreciation & asset write-offs	—		1.2		—		1.2		—
Other exit costs	2.2		2.8		5.0		—		—
Net gain on sale of fixed assets	0.5		—		0.5		—		—
Gain on termination of finance lease (2)	—		(4.5)		5.1		(9.6)		—
Total	$	4.1	$	(0.6)	$	11.8	$	(8.4)	$	0.1

	September 30, 2022		Charge to Income		Cash		Non-Cash		June 30, 2023 (1)
Severance & termination related costs	$	0.1	$	—	$	0.1	$	—	$	—
Total	$	0.1	$	—	$	0.1	$	—	$	—

(1) At June 30, 2022, the restructuring reserve is recorded on the Consolidated (Condensed) Balance Sheet in Other current liabilities.

(2) The Gain on termination of finance lease includes the removal of the Company's finance lease obligation of $9.8, offset by a termination fee, decommissioning and brokerage costs, and immaterial fixed asset write-offs associated with the leased location.

The following table summarizes the activity related to the 2020 restructuring program for the nine months ended June 30, 2022 and 2023:


					Utilized
	September 30, 2021		Charge to Income		Cash		Non-Cash		June 30, 2022 (1)
Severance & termination related costs	$	0.9	$	0.3	$	0.5	$	—	$	0.7
Other restructuring related costs	0.7		1.1		1.8		—		—
Total	$	1.6	$	1.4	$	2.3	$	—	$	0.7

	September 30, 2022		Charge to Income		Cash		Non-Cash		June 30, 2023 (1)
Severance & termination related costs	$	0.7	$	—	$	0.7	$	—	$	—
Total	$	0.7	$	—	$	0.7	$	—	$	—

(1) At June 30, 2022, the restructuring reserve is recorded on the Consolidated (Condensed) Balance Sheet in Other current liabilities.