Restructuring

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

2024 Restructuring - In the first quarter of 2024, in response to challenging industry conditions, we initiated workforce reductions in CPI, incurring $2.7 million of severance charges during the three months ended March 31, 2024. We do not expect to incur additional costs to complete these actions. We expect to substantially complete the restructuring program in 2025.

2022 Restructuring - In the fourth quarter of 2022, in response to economic uncertainty, we initiated workforce reductions in CPI, incurring $6.7 million of cumulative restructuring charges, net through March 31, 2024, of which $5.8 million related to severance and $0.9 million related to other costs. We do not expect to incur additional costs to complete these actions. We expect to substantially complete the program in 2024 in the U.S., with foreign jurisdictions extending through 2026.

The following table summarizes the accrual balances related to these restructuring charges by program:

(in millions)	2024 Restructuring		2022 Restructuring		Total
Severance:
Balance as of December 31, 2023 (a)	$	—	$	0.6	$	0.6
Expense (b)	2.7		—		2.7
Utilization	(1.7)		(0.1)		(1.8)
Balance as of March 31, 2024 (a)	$	1.0	$	0.5	$	1.5

(a)	Included within “Accrued Liabilities” in the Unaudited Consolidated and Condensed Balance Sheets.
(b)	Included within “Restructuring charges, net” in the Unaudited Consolidated and Combined Condensed Statements of Operations.