Quarterly report pursuant to Section 13 or 15(d)

Transformation Program (Tables)

v3.23.3
Transformation Program (Tables)
 9 Months Ended
Sep. 30, 2023
Transformation Programs Text Block [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,
2023

 

 

September 30,
2022

 

 

September 30,
2023

 

 

September 30,
2022

 

 

Cumulative costs incurred to date as of September 30, 2023

 

 

 

(in millions)

 

 

 

 

Professional fees

 

$

2.1

 

 

$

1.8

 

 

$

6.2

 

 

$

4.9

 

 

$

23.1

 

Retention and separation

 

 

2.2

 

 

 

1.1

 

 

 

35.3

 

 

 

2.8

 

 

 

43.1

 

Other

 

 

0.3

 

 

 

—

 

 

 

0.5

 

 

 

—

 

 

 

0.8

 

Total

 

$

4.6

 

 

$

2.9

 

 

$

42.0

 

 

$

7.7

 

 

$

67.0

 
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, 2022

 

$

0.6

 

 

$

3.2

 

 

$

—

 

 

$

3.8

 

Expenses

 

 

6.2

 

 

 

35.3

 

 

 

0.5

 

 

 

42.0

 

Cash payments

 

 

(6.2

)

 

 

(34.7

)

 

 

(0.5

)

 

 

(41.4

)

Non-cash items and other

 

 

—

 

 

 

(0.3

)

 

 

—

 

 

 

(0.3

)

Balance as of September 30, 2023

 

$

0.6

 

 

$

3.5

 

 

$

—

 

 

$

4.1