The Company announced a restructuring program (the “Program”) in response to increased weakening demand in the agriculture industry in 2024. The Company incurred a substantial portion of the charges by the end of fiscal year 2025.

Restructuring expenses activity, which relates to severance and other related costs, during the three and six months ended June 30, 2026, is summarized as follows (in millions):


Balance as of December 31, 2025	$	82.8
First quarter 2026 provision, net of reversals	7.5
First quarter 2026 cash activity	(32.3)
Foreign currency translation	(0.9)
Balance as of March 31, 2026	$	57.1
Second quarter 2026 provision, net of reversals	9.8
Second quarter 2026 cash activity	(21.1)
Foreign currency translation	(0.5)
Balance as of June 30, 2026	$	45.3

Approximately $22.9 million and $56.9 million of restructuring expenses are included in “Accrued expenses” in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively. Approximately $22.4 million and $25.9 million of restructuring expenses are included in “Other noncurrent liabilities” in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively.

Business optimization expenses primarily relate to professional services costs incurred as part of the restructuring program aimed at reducing structural costs, enhancing global efficiencies by changing the Company’s operating model for certain corporate and back-office functions. During the three months ended June 30, 2026 and 2025, the Company recognized approximately $1.4 million and $13.1 million, respectively, of business optimization expenses. During the six months ended June 30, 2026 and 2025, the Company recognized approximately $3.9 million and $26.9 million, respectively, of business optimization expenses.