Quarterly report pursuant to Section 13 or 15(d)

Restructuring

v3.22.2
Restructuring
9 Months Ended
Jun. 30, 2022
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
 
The following schedule details the restructuring charges by reportable operating segment and the classification of those charges in the Consolidated Statements of Operations.
Three Months Ended June 30, 2022 Three Months Ended June 30, 2021
Cost of goods sold Operating expenses Total Cost of goods sold Operating expenses Total
Advanced Process Solutions $ (0.3) $ (0.4) $ (0.7) $ 5.3  $ 1.9  $ 7.2 
Molding Technology Solutions (0.1) 0.1  —  1.3  —  1.3 
Batesville —  —  —  —  0.2  0.2 
Corporate —  —  —  —  0.1  0.1 
Total $ (0.4) $ (0.3) $ (0.7) $ 6.6  $ 2.2  $ 8.8 
Nine Months Ended June 30, 2022 Nine Months Ended June 30, 2021
Cost of goods sold Operating expenses Total Cost of goods sold Operating expenses Total
Advanced Process Solutions $ 1.9  $ (0.2) $ 1.7  $ 6.1  $ 3.6  $ 9.7 
Molding Technology Solutions —  0.1  0.1  2.6  0.7  3.3 
Batesville —  —  —  —  0.5  0.5 
Corporate —  1.0  1.0  —  0.8  0.8 
Total $ 1.9  $ 0.9  $ 2.8  $ 8.7  $ 5.6  $ 14.3 

The restructuring charges during the three and nine months ended June 30, 2022 and 2021, related primarily to severance costs. At June 30, 2022, $2.7 of restructuring costs were accrued and expected to be paid over the next twelve months.

Advanced Process Solutions

During fiscal 2021, the Company’s wholly-owned subsidiary Coperion GmbH entered into an agreement with its local works council setting forth a restructuring plan related to its manufacturing facilities in Stuttgart and Weingarten, Germany, whereby certain operational functions will be shifted to the Company’s operations in Switzerland or to a third party provider (the “Plan”). As a result, the Company expects to incur severance and other related costs of approximately $11.0 to $12.0 and restructuring-related costs of $3.0 to $4.0 related to the Plan. Substantially all of these costs will result in future cash expenditures that are expected to be substantially paid by the end of calendar year 2022. As the employees are required to render service in order to receive termination benefits, the associated liability related to the Plan will be recognized ratably over the future service period. During the three and nine months ended June 30, 2022, the Company recognized $0.4 and $2.6 of expense, respectively, and these amounts were included within cost of goods sold and operating expenses in the Company’s Consolidated Statements of Operations. The total liability related to the Plan was $2.1 as of June 30, 2022, and is expected to be paid out over the next twelve months.

Molding Technology Solutions

The severance costs within the Molding Technology Solutions reportable operating segment during the three and nine months ended June 30, 2022 and 2021, were primarily related to the ongoing integration of Milacron.