Axalta Coating Systems Ltd
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
Contents
) RESTRUCTURING
(4)RESTRUCTURING
In accordance with the applicable guidance for Accounting Standards Codification ("ASC") 712, Nonretirement Postemployment Benefits, we accounted for termination benefits and recognized liabilities when the loss was considered probable that employees were entitled to benefits and the amounts could be reasonably estimated.
During the years ended December 31, 2023, 2022 and 2021, we incurred costs of $4.2 million, $23.9 million, and $38.7 million, respectively, for termination benefits, net of changes in estimates. The majority of our termination benefits are recorded within other operating charges in the consolidated statements of operations. The remaining payments associated with these actions are expected to be substantially completed within 12 months.
The following table summarizes the activity related to the termination benefit reserves and expenses for the years ended December 31, 2023, 2022 and 2021:
| Balance at January 1, 2021 | $55.8 |
|---|---|
| Expense recorded | 38.7 |
| Payments made | (33.3) |
| Foreign currency translation | (3.7) |
| Balance at December 31, 2021 | $57.5 |
| Expense recorded | 23.9 |
| Payments made | (30.0) |
| Foreign currency translation | (2.7) |
| Balance at December 31, 2022 | $48.7 |
| Expense recorded | 4.2 |
| Payments made | (37.3) |
| Foreign currency translation | 0.6 |
| Balance at December 31, 2023 | $16.2 |
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