Restructuring costs

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring costs

Note 20 – Restructuring costs:

As part of overall cost saving measures to improve Kronos’ long-term cost structure, during the third quarter of 2023 Kronos began implementing certain voluntary and involuntary workforce reductions. A substantial portion of Kronos’ workforce reductions were accomplished through voluntary programs for which eligible workforce reduction costs are recognized at the time both the employee and employer are irrevocably committed to the terms of the separation. These workforce reductions impacted approximately 100 individuals and are substantially completed. Kronos recognized a total of approximately $6 million in selling, general and administrative expense related to these workforce reductions in 2023. Kronos does not expect to accrue any further material amounts associated with the affected individuals who are providing service to Kronos past December 31, 2023. Accrued severance costs at December 31, 2023 are expected to be paid by the first quarter of 2024 and are included in accrued liabilities – other on our Consolidated Balance Sheet. See Note 10.

A summary of the activity in Kronos’ accrued workforce reduction costs for 2023 is shown in the table below (in millions):

Accrued workforce reduction costs as of January 1, 2023	$	—
Workforce reduction costs accrued		5.8
Workforce reduction costs paid		(.9)
Currency translation adjustments, net		.1
Accrued workforce reduction costs at December 31, 2023	$	5.0
Amounts recognized in the balance sheet:
Current liability	$	5.0
Noncurrent liability		—
	$	5.0