13. Restructuring Activities

During the first quarter of 2024, the Company initiated an organizational redesign project, or the Restructuring Program, to streamline its organizational structure to make it more efficient and effective and to allow the Company’s management team to work more closely with the markets, distributors, and customers. The Company incurred total pre-tax expenses of approximately $76.1 million through the end of the Restructuring Program, which was completed as of December 31, 2025. During the three months ended March 31, 2025, the Company incurred $3.3 million of pre-tax expenses which were recognized in general and administrative expenses within its condensed consolidated statement of income.

During April 2025, the Company initiated a process and organizational redesign project of its global technology infrastructure, or the Technology Realignment Program, to better align with new technologies, enhance operational efficiency, and optimize support of business goals and processes. The Company has incurred total pre-tax expenses of approximately $11.5 million through March 31, 2026, of which $2.4 million and zero for the three months ended March 31, 2026 and 2025, respectively, were recognized in general and administrative expenses within its condensed consolidated statements of income. The Company expects to incur total pre-tax expenses of approximately $15 million based on actual expenses incurred to date and expected future expenses. Since the Technology Realignment Program is still ongoing and is expected to be completed in 2026, these estimated amounts are preliminary and based on the Company’s estimates and actual results could differ from such estimates.