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Restructuring, Business Transformation and Other Cost Saving Initiatives (Tables) | 3 Months Ended
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Mar. 31, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Related Costs | Total charges incurred from our 2023 cost saving initiatives are summarized as follows:
|  | For the Three Months Ended March 31,
|  | 2024 |  |
(In millions) |  | Severance Costs |  | Accelerated Depreciation and Other Costs |  |  |  | Total |  |  |  |  |  |  |  |
Selling, general and administrative |  | $ | — |  |  | $ | 1.4 |  |  |  |  | $ | 1.4 |  |  |  |  |  |  |  |  |
Research and development |  | — |  |  | 4.9 |  |  |  |  | 4.9 |  |  |  |  |  |  |  |  |
Restructuring charges |  | 9.3 |  |  | — |  |  |  |  | 9.3 |  |  |  |  |  |  |  |  |
Total charges |  | $ | 9.3 |  |  | $ | 6.3 |  |  |  |  | $ | 15.6 |  |  |  |  |  |  |  |  |
Total charges incurred from our Reata integration are summarized as follows:
|  | For the Three Months Ended March 31,
|  | 2024 |  |
(In millions) |  | Severance Costs |  | Accelerated Depreciation and Other Costs |  |  |  | Total |  |  |  |  |  |  |  |
Selling, general and administrative |  | $ | — |  |  | $ | 1.8 |  |  |  |  | $ | 1.8 |  |  |  |  |  |  |  |  |
Research and development |  | — |  |  | 2.7 |  |  |  |  | 2.7 |  |  |  |  |  |  |  |  |
Restructuring charges |  | 2.2 |  |  | — |  |  |  |  | 2.2 |  |  |  |  |  |  |  |  |
Total charges |  | $ | 2.2 |  |  | $ | 4.5 |  |  |  |  | $ | 6.7 |  |  |  |  |  |  |  |  |
Schedule of Restructuring Reserve by Type of Cost | Charges and spending related to workforce reductions from our 2023 Fit for Growth program and Reata Integration are summarized as follows:
|  | For the Three Months Ended March 31, |  |  |  |
(In millions) |  | 2024 |  | 2023
Restructuring reserve as of December 31 |  | $ | 75.4 |  |  |  |  |  |  | $ | 35.9 |  |  |  |  |
Expense |  | 11.5 |  |  |  |  |  |  | 7.1 |  |  |  |  |
Payment |  | (42.2) |  |  |  |  |  |  | (15.6) |  |  |  |  |
Foreign currency and other adjustments |  | 0.8 |  |  |  |  |  |  | 0.6 |  |  |  |  |
Restructuring reserve as of March 31 |  | $ | 45.5 |  |  |  |  |  |  | $ | 28.0 |  |  |  |  |

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- Definition Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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- Definition Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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