Restructuring

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

2022 Restructuring - In the fourth quarter of 2022, in response to economic uncertainty, we initiated modest workforce reductions in CPI of approximately 140 employees, or about 4% of our global workforce. We expect to substantially complete the program in the first quarter of 2024.

We did not incur significant restructuring costs during the six months ended June 30, 2023, or June 30, 2022. We have incurred $6.2 million of cumulative restructuring costs, net through June 30, 2023, of which $5.7 million related to severance and $0.5 million related to other costs. We do not expect to incur additional costs to complete these actions.

The following table summarizes the accrual balances related to the 2022 restructuring program:

(in millions)	2022 Restructuring
Severance:
Balance as of December 31, 2022 (a)	$	6.0
Utilization	(4.5)
Balance as of June 30, 2023 (a)	$	1.5

(a) Included within “Accrued Liabilities” in the Unaudited Consolidated and Combined Condensed Balance Sheets.