Restructuring and Other (Income) Charges, net

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Other (Income) Charges, net

Restructuring and Other (Income) Charges, net

Detail on the restructuring charges and other (income) charges, net is provided below.

	Years Ended December 31,
In millions	2021		2020		2019
Gain on sale of assets and businesses	$	—	$	—	$	(0.4)
Severance and other employee-related costs (1)	0.1		6.4		1.5
Other (2)	—		2.1		0.7
Restructuring charges	0.1		8.5		1.8
Business transformation costs	16.1		10.0		—
Other (income) charges, net	16.1		10.0		—
Total Restructuring and other (income) charges, net	$	16.2	$	18.5	$	1.8

_______________

(1) Represents severance and employee benefit charges.

(2) Primarily represents costs associated with an impairment of an operating lease asset that is no longer in use and other miscellaneous exit costs.

Restructuring charges

During the second quarter of 2020, we implemented a cost reduction initiative to realign our cost structure in response to reduced demand for some of our products due to the COVID-19 pandemic. As a result of this cost reduction initiative, we recorded severance and other employee-related costs of $0.1 million during the year ended December 31, 2021 and $6.4 million during the year ended December 31, 2020, respectively. Additionally, during the year ended December 31, 2020, we recorded $1.7 million related to an impairment of an operating lease asset that is no longer in use.

Roll forward of Restructuring Reserves

Balance at		Change in	Cash	Balance at		Change in	Cash	Balance at
12/31/2019 (1)		Reserve (2)	Payments	12/31/2020 (1)		Reserve (2)	Payments	12/31/2021 (1)
$	0.4	6.8	(6.4)	$	0.8	0.1	(0.4)	$	0.5

_______________

(1) Included in "Accrued expenses" on the consolidated balance sheet.

(2) Includes severance and other employee-related costs, exited leases, contract terminations and other miscellaneous exit costs. Any asset write-downs including accelerated depreciation and impairment charges are not included in the above table.

Other (income) charges, net

Business transformation costs

In 2020, we embarked upon a business transformation initiative that includes the implementation of an upgraded enterprise resource planning ("ERP") system. This new ERP system will equip our employees with standardized processes and secure integrated technology that enable us to better understand and meet our customers' needs and compete in the marketplace. The implementation of our new ERP is expected to occur in multiple phases beginning in fiscal year 2022. This business transformation requires the integration of the new ERP system with multiple new and existing information systems and business processes in order to maintain the accuracy of our books and records and to provide our management team with real-time information important to the operation of our business. Such an implementation initiative is a major financial undertaking and will require substantial time and attention of management and key employees. Costs incurred during the year ended December 31, 2021, and December 31, 2020 of $16.1 million and $10.0 million, respectively, represent costs directly associated with the business transformation initiative that, in accordance with GAAP, cannot be capitalized. Over the course of this initiative, we anticipate incurring approximately $90-95 million of total costs, which includes $45-50 million of non-capitalizable costs.