v3.25.1
Restructuring (Tables)
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Summary of Liabilities Recognized Related to Restructuring Plan The following table summarizes the liabilities recognized related to the 2025 Restructuring Plan (in millions):

 

 

 

Employee

 

 

 

 

 

 

 

 

 

 

 

 

Termination

 

 

Contract

 

 

 

 

 

 

 

 

 

Benefits

 

 

Terminations

 

 

Other

 

 

Total

 

Balance, December 31, 2024

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Expenses incurred in the three months ended March 31, 2025

 

 

23.2

 

 

 

-

 

 

 

0.1

 

 

 

23.3

 

Cash payments

 

 

(10.2

)

 

 

-

 

 

 

-

 

 

 

(10.2

)

Balance, March 31, 2025

 

$

13.0

 

 

$

-

 

 

$

0.1

 

 

$

13.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense incurred since the start of the 2025 Restructuring Plan

 

$

23.2

 

 

$

-

 

 

$

0.1

 

 

$

23.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense estimated to be recognized for the 2025 Restructuring Plan

 

$

75.0

 

 

$

2.0

 

 

$

8.0

 

 

$

85.0

 
The following table summarizes the liabilities recognized related to the 2023 Restructuring Plan (in millions):

 

 

 

Employee

 

 

 

 

 

 

 

 

 

 

 

 

Termination

 

 

Contract

 

 

 

 

 

 

 

 

 

Benefits

 

 

Terminations

 

 

Other

 

 

Total

 

Balance, December 31, 2024

 

$

18.8

 

 

$

1.4

 

 

$

6.9

 

 

$

27.1

 

Expenses incurred in the three months ended March 31, 2025

 

 

(0.7

)

 

 

2.5

 

 

 

1.9

 

 

 

3.7

 

Cash payments

 

 

(7.9

)

 

 

(2.7

)

 

 

(5.7

)

 

 

(16.3

)

Foreign currency exchange rate changes

 

 

0.6

 

 

 

-

 

 

 

0.1

 

 

 

0.7

 

Balance, March 31, 2025

 

$

10.8

 

 

$

1.2

 

 

$

3.2

 

 

$

15.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense incurred since the start of the 2023 Restructuring Plan

 

$

93.1

 

 

$

5.6

 

 

$

18.5

 

 

$

117.2

 

The following table summarizes the liabilities recognized related to the 2019 Restructuring Plan (in millions):

 

 

 

Employee

 

 

 

 

 

 

 

 

 

 

 

 

Termination

 

 

Contract

 

 

 

 

 

 

 

 

 

Benefits

 

 

Terminations

 

 

Other

 

 

Total

 

Balance, December 31, 2024

 

$

38.0

 

 

$

3.8

 

 

$

1.3

 

 

$

43.1

 

Expenses incurred in the three months ended March 31, 2025

 

 

4.1

 

 

 

-

 

 

 

4.8

 

 

 

8.9

 

Cash payments

 

 

(0.1

)

 

 

(0.5

)

 

 

(5.0

)

 

 

(5.6

)

Foreign currency exchange rate changes

 

 

1.2

 

 

 

-

 

 

 

-

 

 

 

1.2

 

Balance, March 31, 2025

 

$

43.2

 

 

$

3.3

 

 

$

1.1

 

 

$

47.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense incurred since the start of the 2019 Restructuring Plan

 

$

156.2

 

 

$

35.0

 

 

$

185.2

 

 

$

376.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense estimated to be recognized for the 2019 Restructuring Plan

 

$

160.0

 

 

$

35.0

 

 

$

205.0

 

 

$

400.0

 
Summary of Location on Condensed Consolidated Statement of Earnings and Type of Cost for Restructuring Plan

The following table summarizes the location on our condensed consolidated statement of earnings and type of cost for our 2019 Restructuring Plan (in millions):

 

 

 

 

 

Three Months Ended March 31, 2025

 

 

 

Employee

 

 

 

 

 

 

 

 

 

 

 

 

Termination

 

 

Contract

 

 

 

 

 

 

 

 

 

Benefits

 

 

Terminations

 

 

Other

 

 

Total

 

Cost of products sold, excluding intangible asset amortization

 

$

-

 

 

$

-

 

 

$

1.9

 

 

$

1.9

 

Restructuring and other cost reduction initiatives

 

 

4.1

 

 

 

-

 

 

 

2.9

 

 

 

7.0

 

 

 

$

4.1

 

 

$

-

 

 

$

4.8

 

 

$

8.9