NOTE 19—Restructuring and Impairment Charges
Below is a reconciliation of the Company's restructuring and impairment charges recognized in 2025 and 2024. These costs are included in "Restructuring and impairment charges" in the Consolidated Statements of Operations. Refer to Note 10, Inventories and Note 11, Property, Plant and Equipment, net, for further discussion of the factors related to the impairments of inventory and long-lived assets. | | | | | | | | | | | | | | | | December 31, 2025 | 2025 Program (1) | | Type of charge | | 2025 Charges (reversals) | | Reported Segment | | Severance | | $ | 11.2 | | | Americas | | Severance | | 6.1 | | | EMEA | | Severance | | 1.0 | | | JAPIC | | Severance | | 3.2 | | | Bolzoni | | | $ | 21.5 | | | | | | | | | Nuvera Strategic Realignment (2) | | Type of charge | | 2025 Charges (reversals) | | Reported Segment | | Severance | | $ | 1.0 | | | Americas | | Long-lived asset impairment | | 9.6 | | | Americas | | Inventory impairment | | 4.6 | | | Americas | | | $ | 15.2 | | | | | | | | | 2024 Program (3) | | Type of charge | | 2025 Charges (reversals) | | Reported Segment | | Severance | | $ | 2.4 | | | Americas | | Severance | | (1.6) | | | EMEA | | Severance | | 0.9 | | | JAPIC | | | $ | 1.7 | | | | | | | | | | Total 2025 Charges | | $ | 38.4 | | | | | | | | | (1) As a result of current economic and industry dynamics, the Company initiated a reduction in the Company's global workforce in the fourth quarter of 2025. The Company does not expect to incur significant additional charges related to this initiative. | (2) In connection with the strategic realignment of Nuvera in 2025. The Company does not expect to incur significant additional charges related to this initiative. | (3) Programs initiated to optimize the Company's manufacturing footprint. The Company expects to execute these programs over 2026 and 2027. As of December 31, 2025, these initiatives are expected to incur an additional $10 million to $12 million and $3 million to $6 million in costs in 2026 and 2027, respectively. |
| | | | | | | | | | | | | | | | December 31, 2024 | 2024 Program (1) | | Type of charge | | 2024 Charges | | Reported Segment | | Severance | | $ | 5.9 | | | Americas | | Severance | | 2.4 | | EMEA | | Severance | | 1.6 | | JAPIC | | Severance | | 2.7 | | Bolzoni | | Long-lived asset impairment | | 0.6 | | Americas | | Long-lived asset impairment | | 4.6 | | JAPIC | | Long-lived asset impairment | | 1.6 | | Bolzoni | | Long-lived asset impairment | | 2.4 | | JAPIC | | Other | | 0.8 | | Americas | | Total 2024 Charges | | $ | 22.6 | | | | | | | | | (1) Programs initiated to streamline the Company's manufacturing footprint and optimize its operations. |
Following is the detail of the cash charges related to severance: | | | | | | | | | | | | | 2025 | | 2024 | | Beginning of period accrual | $ | 12.2 | | | $ | — | | | Charges | 25.8 | | | 12.6 | | | Payments | (8.9) | | | (0.4) | | | Reversals | (1.6) | | | — | | | Currency | 0.1 | | | — | | | Ending of period accrual | $ | 27.6 | | | $ | 12.2 | |
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