Restructuring and Related Impairment Charges

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND RELATED IMPAIRMENT CHARGES

During Fiscal 2020, the Company's Board of Directors approved a restructuring plan ranging between $550 million to $600 million in costs (the "2020 restructuring plan") designed to rebalance the Company's cost base to further improve profitability and cash flow generation.

Restructuring and related impairment charges and recoveries require the Company to make certain judgments and estimates regarding the amount and timing as to when these charges or recoveries occur. The estimated liability could change subsequent to its recognition, requiring adjustments to the expense and the liability recorded. On a quarterly basis, the Company conducts an evaluation of the related liabilities and expenses and revises its assumptions and estimates as appropriate, as new or updated information becomes available.

During the three months ended March 31, 2022, the Company recorded $56.7 million of restructuring and related impairment charges (three months ended March 31, 2021: $7.1 million), including $57.5 million relating to contract exit costs, as a result of settlement negotiations made subsequent to the quarter end. Since the inception of the 2020 restructuring plan, $570.5 million of restructuring and related impairment charges have been recorded to date. The Company does not expect to incur any further charges under the 2020 restructuring plan, and considers the plan concluded.

All restructuring and related impairment charges are included in the Company's Corporate Other segment. A summary of the activity in the restructuring reserve related to the Company's 2020 restructuring plan, as well as

prior restructuring plans in 2018 and 2017 are as follows:


	Employee Related Costs		Contract Exit Costs		Other Restructuring Related Costs
Balance at January 1, 2022	$	3,548	$	31,405	$	(1,354)
Net additions (recoveries) charged to expense	(10)		58,555		(1,871)
Cash payments charged against reserve	(955)		(9,280)		—
Foreign exchange and other	89		(2,443)		3,225
Balance at March 31, 2022	$	2,672	$	78,237	$	—