ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSES

3 Months Ended

Mar. 31, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

ACQUISITION, INTEGRATION AND RESTRUCTURING EXPENSES

Transaction costs include those associated with the Transaction, including subsequent costs directly related to its consummation. Other acquisition expenses include costs associated with our acquisitions, as well as costs incurred on potential acquisitions. Integration and restructuring expenses mainly include costs incurred to achieve post-Transaction synergies, information technology implementation costs, and costs incurred on business optimization, among others. In connection with the closing of the Transaction, the Board authorized a series of cost cutting measures which are expected to continue through 2026. These restructuring costs are expected to result in a range of approximately $75.0 million - $100.0

million of aggregate charges, which are anticipated to include $47.0 million - $55.0 million of one-time cash termination benefits as well as costs associated with the decommissioning of facilities and the early termination of leases.

The following table summarizes the components of Acquisition, integration and restructuring expenses on the Condensed Consolidated Statements of Operations:


	Three Months Ended March 31,
($ in millions)	2025		2024
Transaction costs	$	3.7	$	5.8
Other acquisition expenses	1.4		—
Integration expenses	27.9		—
Total acquisition and integration expenses	33.0		5.8

Non-cash exit and disposal charges	0.5		—
Facility closure expense	6.2		—
Employee severance and termination related benefits	0.1		—

Total restructuring expenses	6.8		—
Total acquisition, integration and restructuring expenses	$	39.8	$	5.8

The following table reflects the activity related to the restructuring accrual for the period presented:


($ in millions)	Amount
Balance as of December 31, 2024	$	46.4
Charges incurred	6.3

Payments made	(12.1)
Balance as of March 31, 2025	$	40.6