XML 31 R20.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Restructuring Costs | 6 Months Ended
--- | ---
Jun. 30, 2024
Restructuring Costs [Abstract] |
Restructuring Costs | 13. RESTRUCTURING COSTS In February 2021, we announced a 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 June 30, 2024. 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 June 30, 2024, total restructuring-related expenses were $72.3 million. The following table summarizes the activity of our February 2021 plan accrued restructuring reserve (in millions):
|  | Life Science |  | Clinical Diagnostics |  | Total
Balances as of January 1, 2024: |  | $ | 0.2 |  |  | $ | 12.8 |  |  | $ | 13.0 |
Adjustment to expense |  | 0.1 |  |  | 1.5 |  |  | 1.6 |
Cash payments |  | (0.1) |  |  | (7.7) |  |  | (7.8) |
Foreign currency adjustments |  | — |  |  | (0.4) |  |  | (0.4) |
Balances as of June 30, 2024: |  | $ | 0.2 |  |  | $ | 6.2 |  |  | $ | 6.4 |
During the fiscal year ended December 31, 2023, and continuing into the six months ended June 30, 2024, management approved a restructuring action to further streamline and improve operating performance. The restructuring plan was approved and implemented in phases. The plan is expected to be substantially completed by the end of 2024. During the six months ended June 30, 2024, a new phase of the restructuring plan was approved, resulting in restructuring expenses of $4.5 million, representing estimated termination benefits to employees. The adjustments to expense recorded were primarily due to changes in the estimates of employee termination benefits on previously approved phases. The timing of the remaining employee termination benefit payments is in accordance with statutory requirements. Excluded from the accrued restructuring plan reserves are $1.5 million of restructuring expense related to the facility closure costs impacting the Life Science segment. From February 2023 to June 30, 2024, total restructuring-related expenses were $29.9 million, primarily representing estimated termination benefits to employees. The following table summarizes the activity of our 2023 accrued restructuring plan reserve (in millions):
|  | Life Science |  | Clinical Diagnostics |  | Total
Balances as of January 1, 2024: |  | $ | 3.0 |  |  | $ | 7.8 |  |  | $ | 10.8 |
Charged to expense - employee termination benefits |  | 2.1 |  |  | 2.4 |  |  | 4.5 |
Adjustment to expense |  | (0.4) |  |  | (1.5) |  |  | (1.9) |
Cash payments |  | (3.6) |  |  | (6.5) |  |  | (10.1) |
Foreign currency adjustments |  | — |  |  | (0.3) |  |  | (0.3) |
Balances as of June 30, 2024: |  | $ | 1.1 |  |  | $ | 1.9 |  |  | $ | 3.0 |
Combined, the accrued restructuring plan reserve of $9.4 million as of June 30, 2024 was recorded in Accrued payroll and employee benefits 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 June 30, 2024 were $0.6 million, $(1.4) million and $(0.6) million, respectively, in the condensed consolidated statements of income (loss). The amounts reflected in Cost of goods sold, Selling, general and administrative expense and Research and development expense for the six months ended June 30, 2024 were $1.1 million, $3.1 million and $1.5 million, respectively, in the condensed consolidated statements of income (loss).

X
- 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
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RestructuringCostsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration