v3.25.2
Restructuring and Other Impairments
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Other Impairments Restructuring and Other Impairments
We have engaged in various restructuring programs to strengthen our business and streamline our operations, including taking actions related to the location and use of leased facilities. Our recent restructuring programs include the following:
•Value Creation Plan - During the fourth quarter of 2024, we approved a broad-based plan to optimize our business model, which includes a cost rationalization component. We expect to incur approximately $5 of additional restructuring costs, primarily from a reduction in workforce, a majority of which we expect to incur in 2025.
•Segment Optimization - During the second quarter of 2023, we approved a restructuring plan to reduce operational costs within targeted areas of the Company, with the primary cost savings driver being from a reduction in workforce. This program is substantially complete.
•ProQuest Acquisition Integration - During the fourth quarter of 2021, we approved a restructuring plan to reduce operational costs within targeted areas of the Company, with the primary cost savings driver being from a reduction in workforce. This program is complete.
The following table summarizes the pre-tax charges by activity and program during the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Severance and related benefit costs:
Value Creation Plan
$8.8 $— $32.8 $— 
Segment Optimization
— 2.6 0.4 12.1 
ProQuest Acquisition Integration
— — — (0.1)
Total Severance and related benefit costs8.8 2.6 33.2 12.0 
Exit and disposal costs:
Value Creation Plan
0.5 — 0.8 — 
Segment Optimization
— 0.1 — 0.2 
Total Exit and disposal costs0.5 0.1 0.8 0.2 
Lease abandonment costs:
Segment Optimization
— (2.0)— (2.0)
Total Lease abandonment costs— (2.0)— (2.0)
Restructuring and other impairments$9.3 $0.7 $34.0 $10.2 
The following table summarizes the pre-tax charges by program and segment during the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Academia & Government:
Value Creation Plan
$4.3 $— $16.6 $— 
Segment Optimization
— (0.2)— 3.8 
ProQuest Acquisition Integration
— — — (0.1)
Total A&G4.3 (0.2)16.6 3.7 
Intellectual Property:
Value Creation Plan
1.8 — 8.0 — 
Segment Optimization
— 0.4 0.3 3.0 
Total IP1.8 0.4 8.3 3.0 
Life Sciences & Healthcare:
Value Creation Plan
3.2 — 9.0 — 
Segment Optimization
— 0.5 0.1 3.5 
Total LS&H3.2 0.5 9.1 3.5 
Restructuring and other impairments$9.3 $0.7 $34.0 $10.2 
The table below summarizes the changes in our restructuring reserves by activity during the periods indicated:
Severance and
related benefit costs
Exit, disposal,
and abandonment costs
Total
Reserve balance as of December 31, 2024$2.3 $— $2.3 
Expenses recorded33.2 0.8 34.0 
Payments made(27.3)(0.8)(28.1)
Noncash items(2.1)0.1 (2.0)
Reserve balance as of June 30, 2025$6.1 $0.1 $6.2 
Reserve balance as of December 31, 2023$5.9 $1.4 $7.3 
Expenses recorded12.0 (1.8)10.2 
Payments made(15.5)(2.8)(18.3)
Noncash items(0.7)3.3 2.6 
Reserve balance as of June 30, 2024$1.7 $0.1 $1.8