14. Restructuring Costs (Notes)

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities Disclosure [Text Block]

RESTRUCTURING COSTS

In February 2021, we announced our strategy-driven restructuring plan in furtherance of our ongoing program to improve operating performance. The restructuring plan primarily impacts our operations in EMEA and includes the elimination of certain positions, the consolidation of certain functions, and the relocation of certain manufacturing operations from EMEA to APAC. The restructuring plan is being implemented in phases and is expected to be substantially complete by mid-2023. The adjustments to expense recorded were primarily due to changes in the estimates of employee termination benefits. From February 2021 to March 31, 2023, total expenses were $67.3 million.

The following table summarizes the activity of our February 2021 restructuring reserves (in millions):


	Life Science		Clinical Diagnostics		Total
Balances as of December 31, 2022:	$	1.9	$	29.7	$	31.6

Adjustment to expense	(0.3)		(1.0)		(1.3)
Cash payments	(0.9)		(6.1)		(7.0)
Foreign currency adjustments	0.1		0.2		0.3
Balances as of March 31, 2023:	$	0.8	$	22.8	$	23.6

In February 2023, management approved a new restructuring plan to implement identified opportunities to further streamline and improve operating performance. The additional restructuring activities are being implemented in phases and are expected to be substantially complete by the end of 2023. From February 2023 to March 31, 2023, total expenses were $14.9 million, representing estimated termination benefits to employees.

The following table summarizes the activity of our February 2023 restructuring reserves (in millions):


	Life Science		Clinical Diagnostics		Total
Balances as of December 31, 2022:	$	—	$	—	$	—
Charged to expense - employee termination benefits	7.2		7.7		14.9

Cash payments	(0.7)		(0.8)		(1.5)
Foreign currency adjustments	0.1		0.2		0.3
Balances as of March 31, 2023:	$	6.6	$	7.1	$	13.7

Combined, the liability of $37.3 million as of March 31, 2023 consisted of $36.7 million recorded in Accrued payroll and employee benefits and $0.6 million recorded in Other long-term liabilities in the condensed consolidated balance sheets. The amounts reflected in Cost of goods sold, Selling, general and administrative expense and Research and development expense for the three months ended March 31, 2023 were $0.3 million, $9.1 million and $4.2 million, respectively, in the condensed consolidated statements of income (loss).