RESTRUCTURING COSTS

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

RESTRUCTURING COSTS

RESTRUCTURING COSTS

Restructuring costs include expenses associated with the Company’s efforts to continually improve operational efficiency and reposition its assets to remain competitive on a worldwide basis. Plant closing and other costs include lease and contract termination costs of moving fixed assets, employee training, relocation, and facility costs. These costs are recorded in “Restructuring costs” on the Consolidated Statements of Earnings (Loss).

During 2020, the Company commenced a multi-year restructuring program to align its cost structure to support margin expansion targets. The program includes workforce reductions and footprint optimization across all segments. Restructuring charges expected to be recognized are estimated to be approximately $100.0 for the entire program. The current liability and non-current liability for estimated restructuring costs is recorded in "Accrued expenses and other liabilities” and "Other long-term liabilities", respectively, on the Consolidated Balance Sheets.

The change in the current liability for restructuring costs for the year ended December 31, 2022 were as follows:

	December 31, 2021		Paid/Utilized		Expense		December 31, 2022
Severance and benefits	$	33.8	$	(16.7)	$	(1.8)	$	15.3
Plant closing and other	0.2		(2.6)		2.5		0.1
Total	$	34.0	$	(19.3)	$	0.7	$	15.4

The change in the current liability for restructuring costs for the year ended December 31, 2021 were as follows:

	December 31, 2020		Paid/Utilized		Expense		December 31, 2021
Severance and benefits	$	68.9	$	(31.8)	$	(3.3)	$	33.8
Plant closing and other	0.4		(4.9)		4.7		0.2
Total	$	69.3	$	(36.7)	$	1.4	$	34.0

The change in the current liability for restructuring costs for the year ended December 31, 2020 were as follows:

	December 31, 2019		Paid/ Utilized		Expense		December 31, 2020
Severance and benefits	$	21.6	$	(23.2)	$	70.5	$	68.9
Plant closing and other	0.6		(3.6)		3.4		0.4
Total	$	22.2	$	(26.8)	$	73.9	$	69.3

Restructuring expense by business segment were as follows:

	December 31, 2022		December 31, 2021		December 31, 2020
Americas	$	1.9	$	4.0	$	15.5
Asia Pacific	(1.7)		3.1		10.4
Europe, Middle East & Africa(1)	0.7		(7.1)		42.7
Corporate	(0.2)		1.4		5.3
Total	$	0.7	$	1.4	$	73.9

(1)     During 2021, a previously recorded restructuring reserve was relieved due to the sale of a heavy industrial UPS business, refer to “Note 5 - Goodwill and Other Intangibles” for more information.