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Restructuring
6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring

9. Restructuring

 

The Company recorded a $0.6 million net reduction to the restructuring provision and $3.3 million of restructuring expense for the six months ended June 30, 2024 and 2023, respectively, which was primarily for severance costs related to cost reduction initiatives in our International segment. The Company recorded a $0.3 million net reduction to the restructuring provision for the three months ended June 30, 2024 and zero for the three months ended June 30, 2023.

 

The summary of the activity in the restructuring liability for the six months ended June 30, 2024, was as follows:

 

(in millions)

 

Balance at December 31, 2023

 

 

Provision

 

 

Cash Expenditures

 

Non-cash Items/Currency Change

 

 

Balance at June 30, 2024

 

Employee termination costs(1)

 

$

27.5

 

 

$

(0.9

)

 

$

(8.6

)

$

(0.3

)

 

$

17.7

 

Other(2)

 

 

0.9

 

 

 

0.3

 

 

 

(0.6

)

 

 

 

 

0.6

 

Total restructuring liability

 

$

28.4

 

 

$

(0.6

)

 

$

(9.2

)

$

(0.3

)

 

$

18.3

 

 

(1)
We expect the remaining $17.7 million employee termination costs to be substantially paid in the next twelve months.
(2)
We expect the remaining $0.6 million of other costs to be substantially paid in the next nine months.

 

The summary of the activity in the restructuring liability for the six months ended June 30, 2023 was as follows:

 

(in millions)

 

Balance at December 31, 2022

 

 

Provision

 

 

Cash Expenditures

 

 

Non-cash Items/Currency Change

 

 

Balance at June 30, 2023

 

Employee termination costs

 

$

8.7

 

 

$

2.6

 

 

$

(5.3

)

 

$

0.1

 

 

$

6.1

 

Other

 

 

 

 

 

0.7

 

 

 

(0.1

)

 

 

 

 

 

0.6

 

Total restructuring liability

 

$

8.7

 

 

$

3.3

 

 

$

(5.4

)

 

$

0.1

 

 

$

6.7