XML 31 R14.htm IDEA: XBRL DOCUMENT v3.25.1

RESTRUCTURING

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

RESTRUCTURING

RESTRUCTURING

During the fourth quarter 2024, the Company initiated a U.K.-wide restructuring plan (the “Restructuring Plan”) related to the integration activities of Inchcape Retail with existing U.K. operations. The Restructuring Plan consists of workforce realignment, including certain headcount reductions, strategic closing of certain facilities and systems integrations. The Restructuring Plan is expected to continue throughout 2025 and the Company expects to incur $2.6 million in additional restructuring charges. Any changes to the Company’s estimates or timing will be reflected in the Company’s results of operations in future periods.

The components of total restructuring charges were as follows (in millions):

						Three Months Ended March 31, 2025
Contract termination costs						$	4.1
Facility closure costs						0.6
Employee related costs						5.2
Asset impairments						1.0
Systems integration costs						0.1
Total restructuring charges						$	11.1

Charges associated with the Restructuring Plan are included within Restructuring Charges on the Condensed Consolidated Statements of Operations. As of March 31, 2025, the Company has incurred $27.8 million of restructuring charges related to the Restructuring Plan since the commencement of the plan.

The following table presents the changes in restructuring related liabilities (in millions):

December 31, 2024						$	11.9
Charges incurred (1)						10.0
Cash payments						(13.9)
March 31, 2025						$	8.0

(1) Charges incurred excludes non-cash asset impairments of $1.0 million.

Liabilities associated with restructuring charges are included in Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets.

X

- References

No definition available.

+ Details

Name:	us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

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 S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4.e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2

Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/420/tableOfContent

Reference 5: 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

+ Details

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