Quarterly report pursuant to Section 13 or 15(d)

Restructuring Activities (Tables)

v3.24.3
Restructuring Activities (Tables)
9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Costs Related to the Transformation Program

Costs related to the Transformation Program were as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

 

 

September 30,
2024

 

 

September 30,
2023

 

 

September 30,
2024

 

 

September 30,
2023

 

 

Cumulative costs incurred to date as of September 30, 2024

 

 

 

(in millions)

 

Professional fees

 

$

 

 

$

2.1

 

 

$

1.5

 

 

$

6.2

 

 

$

26.4

 

Retention and separation

 

 

 

 

 

2.2

 

 

 

7.8

 

 

 

35.3

 

 

 

61.3

 

Other

 

 

 

 

 

0.3

 

 

 

0.1

 

 

 

0.5

 

 

 

0.9

 

Total

 

$

 

 

$

4.6

 

 

$

9.4

 

 

$

42.0

 

 

$

88.6

 

Schedule of Changes in the Liabilities Related to the Transformation Program

Changes in the liabilities related to the Transformation Program, which were recognized in other current liabilities within the Company’s condensed consolidated balance sheets, were as follows:

 

 

 

Professional Fees

 

 

Retention and Separation

 

 

Other

 

 

Total

 

 

 

(in millions)

 

Balance as of December 31, 2023

 

$

1.0

 

 

$

8.2

 

 

$

 

 

$

9.2

 

Expenses

 

 

1.5

 

 

 

7.8

 

 

 

0.1

 

 

 

9.4

 

Cash payments

 

 

(2.3

)

 

 

(11.0

)

 

 

(0.1

)

 

 

(13.4

)

Non-cash items and other

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of September 30, 2024

 

$

0.2

 

 

$

5.0

 

 

$

 

 

$

5.2

 

Schedule of Costs Related to the Restructuring Program

Costs related to the Restructuring Program were as follows:

 

 

 

Three Months Ended

 

 

 

Nine Months Ended

 

 

 

 

 

 

September 30,
2024

 

 

 

September 30,
2024

 

 

Cumulative costs incurred to date as of September 30, 2024

 

 

 

(in millions)

 

Professional fees

 

$

0.3

 

 

 

$

4.5

 

 

$

4.5

 

Retention and separation

 

 

2.4

 

 

 

 

63.7

 

 

 

63.7

 

Other

 

 

 

 

 

 

 

 

 

 

Total

 

$

2.7

 

 

 

$

68.2

 

 

$

68.2

 

Schedule of Changes in the Liabilities Related to the Restructuring Program

Changes in the liabilities related to the Restructuring Program, which were recognized in other current liabilities within the Company’s condensed consolidated balance sheets, were as follows:

 

 

 

Professional Fees

 

 

Retention and Separation

 

 

Other

 

 

Total

 

 

 

(in millions)

 

Expenses

 

$

4.5

 

 

$

63.7

 

 

$

 

 

$

68.2

 

Cash payments

 

 

(4.0

)

 

 

(56.9

)

 

 

 

 

 

(60.9

)

Non-cash items and other

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of September 30, 2024

 

$

0.5

 

 

$

6.8

 

 

$

 

 

$

7.3