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Restructuring Costs | 12 Months Ended
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Dec. 31, 2023
Restructuring Costs [Abstract] |
Restructuring Costs | 16. 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 impacted our operations in EMEA and included the elimination of certain positions, the consolidation of certain functions, and the relocation of certain manufacturing operations from EMEA to APAC. The restructuring plan was implemented in phases and is substantially complete as of December 31, 2023. The timing of the remaining employee termination benefit payments is in accordance with statutory requirements. The adjustments to expense recorded were primarily due to changes in the estimates of employee termination benefits. From February 2021 to December 31, 2023, total restructuring-related expenses were $70.7 million. The following table summarizes the activity of our February 2021 plan restructuring reserves (in millions):
|  | 2023 |  | 2022
|  | Life Science |  | Clinical Diagnostics |  | Total |  | Life Science |  | Clinical Diagnostics |  | Total
Balances as of January 1 |  | $ | 1.9 |  |  | $ | 29.7 |  |  | $ | 31.6 |  |  | $ | 5.2 |  |  | $ | 41.9 |  |  | $ | 47.1 |
Adjustment to expense |  | — |  |  | 2.1 |  |  | 2.1 |  |  | 1.1 |  |  | 3.1 |  |  | 4.2 |
Cash payments |  | (1.7) |  |  | (19.4) |  |  | (21.1) |  |  | (4.1) |  |  | (12.7) |  |  | (16.8) |
Foreign currency adjustments |  | — |  |  | 0.4 |  |  | 0.4 |  |  | (0.3) |  |  | (2.6) |  |  | (2.9) |
Balances as of December 31 |  | $ | 0.2 |  |  | $ | 12.8 |  |  | $ | 13.0 |  |  | $ | 1.9 |  |  | $ | 29.7 |  |  | $ | 31.6 |
Management approved three new restructuring plans in February 2023, June 2023, and October 2023 to implement identified opportunities to further streamline and improve operating performance. Our February 2023 plan was implemented in phases and is substantially complete as of December 31, 2023. The timing of the remaining employee termination benefit payments is in accordance with statutory requirements. From February 2023 to December 31, 2023, total restructuring-related expenses were $14.2 million, representing estimated termination benefits to employees. The following table summarizes the activity of our February 2023 plan restructuring reserves (in millions):
|  | Life Science |  | Clinical Diagnostics |  | Total
Balances as of January 1, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |
Charged to expense - employee termination benefits |  | 2.7 |  |  | 11.5 |  |  | 14.2 |
Cash payments |  | (1.8) |  |  | (6.0) |  |  | (7.8) |
Foreign currency adjustments |  | 0.1 |  |  | 0.4 |  |  | 0.5 |
Balances as of December 31, 2023 |  | $ | 1.0 |  |  | $ | 5.9 |  |  | $ | 6.9 |
Our June 2023 restructuring plan is substantially complete as of December 31, 2023. The timing of the remaining employee termination benefit payments is in accordance with statutory requirements. From June 2023 to December 31, 2023, total restructuring-related expenses were $8.1 million, representing estimated termination benefits to employees. The following table summarizes the activity of our June 2023 plan restructuring reserves (in millions):
|  | Life Science |  | Clinical Diagnostics |  | Total
Balances as of January 1, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |
Charged to expense - employee termination benefits |  | 4.0 |  |  | 4.1 |  |  | 8.1 |
Cash payments |  | (3.5) |  |  | (2.9) |  |  | (6.4) |
Foreign currency adjustments |  | — |  |  | 0.1 |  |  | 0.1 |
Balances as of December 31, 2023 |  | $ | 0.5 |  |  | $ | 1.3 |  |  | $ | 1.8 |
Our October 2023 restructuring plan is expected to be substantially complete in early 2024. From October 2023 to December 31, 2023, total restructuring-related expenses were $3.5 million, representing estimated termination benefits to employees. The following table summarizes the activity of our October 2023 plan restructuring reserves (in millions):
|  | Life Science |  | Clinical Diagnostics |  | Total
Balances as of January 1, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |
Charged to expense - employee termination benefits |  | 2.7 |  |  | 0.8 |  |  | 3.5 |
Cash payments |  | (1.2) |  |  | (0.3) |  |  | (1.5) |
Foreign currency adjustments |  | — |  |  | 0.1 |  |  | 0.1 |
Balances as of December 31, 2023 |  | $ | 1.5 |  |  | $ | 0.6 |  |  | $ | 2.1 |
Combined, the liability of $23.8 million as of December 31, 2023 consisted of $22.9 million recorded in Accrued payroll and employee benefits and $0.9 million recorded in Other long-term liabilities in the consolidated balance sheets. Restructuring-related expense is allocated in the consolidated statements of income (loss) as follows (in millions):
|  | Year ended December 31,
|  | 2023 |  | 2022 |  | 2021
Cost of goods sold |  | $ | 3.9 |  |  | $ | 1.1 |  |  | $ | 25.0 |
Selling, general and administrative expense |  | 17.5 |  |  | 3.0 |  |  | 26.1 |
Research and development expense |  | 6.5 |  |  | 0.1 |  |  | 13.3 |
Restructuring expense |  | $ | 27.9 |  |  | $ | 4.2 |  |  | $ | 64.4 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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