Restructuring Activities

3 Months Ended

Jun. 30, 2025

Restructuring Activities

Restructuring Activities

Note 7: Restructuring Activities

Restructuring and repositioning expenses were as follows:

	Three months ended June 30,
	2025		2024
Employee severance and related benefits	$	4.5	$	4.8
Other restructuring and repositioning expenses		0.3		0.6
Total	$	4.8	$	5.4

During the first three months of fiscal 2026, restructuring and repositioning expenses primarily consisted of severance expenses, the majority of which were recorded in the Performance Technologies segment. The Performance Technologies severance charges were primarily recorded in Europe and North America and include severance related to targeted headcount reductions intended to reduce selling, general and administrative (“SG&A”) and operational expenses. In addition, as part of its transformational initiatives supported by 80/20 principles, the Company is taking steps to optimize the efficiency of its supply chain and manufacturing processes in order to improve profit margins in the Climate Solutions and Performance Technologies segments. These restructuring activities have included transferring the production and warehousing for certain product lines among its facilities.

During the first three months of fiscal 2025, restructuring and repositioning expenses primarily consisted of severance expenses recorded in the Performance Technologies segment. These severance charges were primarily related to the closure of a technical service center and other targeted headcount reductions in Europe. In addition, the Company incurred equipment transfer costs within the Performance Technologies and Climate Solutions segments.

The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows:

	Three months ended June 30,
	2025		2024
Beginning balance	$	6.6	$	13.0
Additions		4.5		4.8
Payments		(3.3)		(9.2)
Effect of exchange rate changes		0.3		—
Ending balance	$	8.1	$	8.6