TENNANT CO
For the period ended Dec 31, 2024. Filed Feb 18, 2025.
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FY2024 · Filed Feb 18, 2025
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Management Actions
- Management Actions
Restructuring Actions
In 2024 and 2023, we incurred restructuring expenses as part of our ongoing global reorganization efforts. The following pre-tax restructuring charges were included in the consolidated statements of income:
| 2024 | 2023 | |
|---|---|---|
| Severance-related costs - Selling and administrative expense | $8.2 | $1.9 |
| Severance-related costs - Cost of sales | — | 0.7 |
| Other costs - Selling and administrative expense(a) | — | 0.3 |
| Total pre-tax restructuring costs | $8.2 | $2.9 |
(a)Includes facility exit costs associated with facility moves.
Our restructuring actions represent the continued execution of a multi-year enterprise strategy to drive increased productivity throughout our operations. The charges in 2024 impacted all operating segments and were related to a global workforce realignment to support our key strategic initiatives. The charges in 2023 impacted the Europe, Middle East and Africa ("EMEA") and Asia Pacific ("APAC") operating segments.
A reconciliation to the ending liability balance of severance and related costs as of December 31, 2024 and 2023 is as follows:
| 2024 | 2023 | |
|---|---|---|
| Beginning balance | $2.4 | $1.7 |
| New charges | 8.8 | 3.2 |
| Cash payments | (2.3) | (1.9) |
| Foreign currency adjustments | 0.3 | — |
| Adjustment to accrual | (0.6) | (0.6) |
| Ending balance | $8.6 | $2.4 |
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