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Restructuring Activities (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of CTO2Grow Restructuring Spend Estimated to be Incurred

CTO2Grow Program restructuring spend is estimated to be incurred as follows:

						Total Restructuring Program Range												Less Program Activity to Date						Remaining Restructuring
(In millions)						Low						High												Low						High
Costs of reduction in headcount as a result of reorganization						$	75					$	85					$	(42)					$	33					$	43
Other associated costs						45						50						(22)						23						28
Contract terminations						15						20						(15)						—						5
Total cash expense						135						155						(79)						56						76
Capital expenditures						5						5						(1)						4						4
Total estimated cash cost(1)						$	140					$	160					$	(80)					$	60					$	80
Total estimated non-cash expense(2)						$	34					$	34					$	(34)					$	—					$	—
Total estimated expense(3)						$	169					$	189					$	(113)					$	56					$	76

(1)Total estimated cash cost excludes the impact of proceeds expected from the sale of property and equipment and foreign currency impact.

(2)Reflects actual expenses that have been incurred. Ranges associated with future non-cash expenses related to the CTO2Grow Program are difficult to estimate and are not available without unreasonable efforts, as these typically relate to exit and disposal activities.

(3)Total estimated expense excludes capital expenditures.

Schedule of Restructuring and Relocation Activities

The following table details our aggregate restructuring activities as reflected in the Condensed Consolidated Statements of Operations.

						Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)						2024						2023						2024						2023
Other associated costs						$	9.0					$	34.6					$	22.2					$	34.5
Contract terminations						—						15.3						(0.1)						15.3
Restructuring charges						6.8						9.8						24.8						9.2
Total charges						$	15.8					$	59.7					$	46.9					$	59.0
Capital expenditures						$	0.3					$	—					$	0.7					$	—

Schedule of Restructuring Accrual, Spending and Other Activity and Accrual Balance Remaining

The aggregate restructuring accrual, spending and other activity for the nine months ended September 30, 2024 and the accrual balance remaining at September 30, 2024 was as follows:

(In millions)
Restructuring accrual at December 31, 2023			$	24.3
Headcount accrual and accrual adjustments			24.8
Cash payments during 2024			(29.2)
Effect of changes in foreign currency exchange rates			(0.3)
Restructuring accrual at September 30, 2024			$	19.6

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- Definition

Tabular disclosure of the quantified effects on future earnings and cash flows resulting from the exit plan (for example, reduced depreciation, reduced employee expense, etc.) along with the initial period in which those effects are expected to be realized. May include whether the cost savings are expected to be offset by anticipated increases in other expenses or reduced revenues. Also identifies the income statement line items to be impacted (for example, cost of sales; marketing; selling, general and administrative expenses; etc.).

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- Definition

Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

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Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

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