| Restructuring Costs and Other In the three and six months ended June 30, 2025, we incurred costs for restructuring actions initiated in 2025 as well as costs for restructuring actions initiated in prior years. Our restructuring actions are associated with cost reduction efforts that include the consolidation of manufacturing and distribution facilities as well as workforce reductions. Restructuring costs include severance and employee benefits, asset impairments, accelerated depreciation, as well as facility closure, contract termination and certain pension costs that are directly related to restructuring actions. These costs are predominantly settled in cash from our operating activities and are generally settled within one year, with the exception of asset impairments, which are non-cash.
Pre-tax restructuring costs incurred in each of our reporting segments and the location of the costs in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024 are as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | | Cost of goods sold | Selling & administrative expense | Total | | Utility Solutions | $ | 2.2 | | $ | 1.2 | | $ | — | | $ | 1.1 | | $ | 2.2 | | $ | 2.3 | | | Electrical Solutions | 0.6 | | 1.0 | | — | | 1.2 | | 0.6 | | 2.2 | | | Total Pre-Tax Restructuring Costs | $ | 2.8 | | $ | 2.2 | | $ | — | | $ | 2.3 | | $ | 2.8 | | $ | 4.5 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | | Cost of goods sold | Selling & administrative expense | Total | | Utility Solutions | $ | 3.4 | | $ | 2.6 | | $ | 0.1 | | $ | 1.6 | | $ | 3.5 | | $ | 4.2 | | | Electrical Solutions | 1.0 | | 4.0 | | — | | 1.5 | | 1.0 | | 5.5 | | | Total Pre-Tax Restructuring Costs | $ | 4.4 | | $ | 6.6 | | $ | 0.1 | | $ | 3.1 | | $ | 4.5 | | $ | 9.7 | |
The following table summarizes the accrued liabilities for our restructuring actions (in millions): | | | | | | | | | | | | | | | | Beginning Accrued
Restructuring Balance 1/1/25 | Pre-tax Restructuring Costs | Utilization and Foreign Currency Exchange | Ending Accrued
Restructuring Balance 6/30/25 | | 2025 Restructuring Actions | | | | | | Severance | $ | — | | $ | 1.0 | | $ | (0.9) | | $ | 0.1 | | | Asset write-downs | — | | 1.5 | | (1.5) | | — | | | Facility closure and other costs | — | | 1.0 | | (0.9) | | 0.1 | | | Total 2025 Restructuring Actions | $ | — | | $ | 3.5 | | $ | (3.3) | | $ | 0.2 | | | 2024 and Prior Restructuring Actions | | | | | | Severance | $ | 4.5 | | $ | 0.2 | | $ | (0.9) | | $ | 3.8 | | | Asset write-downs | — | | — | | — | | — | | | Facility closure and other costs | 0.1 | | 0.8 | | (0.8) | | 0.1 | | | Total 2024 and Prior Restructuring Actions | $ | 4.6 | | $ | 1.0 | | $ | (1.7) | | $ | 3.9 | | | Total Restructuring Actions | $ | 4.6 | | $ | 4.5 | | $ | (5.0) | | $ | 4.1 | |
The actual costs incurred and total expected cost in each of our reporting segments of our on-going restructuring actions are as follows (in millions): | | | | | | | | | | | | | | | | Total expected costs | Costs incurred during 2024 | Costs incurred in the first six months of 2025 | Remaining costs at 6/30/2025 | | 2025 Restructuring Actions | | | | | | Utility Solutions | $ | 5.8 | | $ | — | | $ | 3.3 | | $ | 2.5 | | | Electrical Solutions | 0.2 | | — | | 0.2 | | — | | | Total 2025 Restructuring Actions | $ | 6.0 | | $ | — | | $ | 3.5 | | $ | 2.5 | | | 2024 and Prior Restructuring Actions | | | | | | Utility Solutions | $ | 4.6 | | $ | 4.5 | | $ | 0.1 | | $ | — | | | Electrical Solutions | 14.5 | | 8.3 | | 0.9 | | 5.3 | | | Total 2024 and Prior Restructuring Actions | $ | 19.1 | | $ | 12.8 | | $ | 1.0 | | $ | 5.3 | | | Total Restructuring Actions | $ | 25.1 | | $ | 12.8 | | $ | 4.5 | | $ | 7.8 | |
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