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Restructuring Activities | 12 Months Ended
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Dec. 31, 2024
Restructuring and Related Activities [Abstract] |
Restructuring Activities | 14. Restructuring Activities In 2021, the Company initiated a global transformation program to optimize global processes for future growth, or the Transformation Program. The Transformation Program involves the investment in certain new technologies and the realignment of infrastructure and the locations of certain functions to better support distributors and customers. The Company has incurred total pre-tax expenses of approximately $92.5 million through December 31, 2024, of which $13.3 million, $54.2 million and $12.1 million, were recognized in selling, general, and administrative expenses within its consolidated statements of income during the years ended December 31, 2024, 2023 and 2022, respectively. The Transformation Program has been substantially completed as of December 31, 2024 and the Company does not expect significant expenses during 2025. Costs related to the Transformation Program for the years ended December 31, 2024, 2023, and 2022 were as follows:
|  | Year Ended December 31, |  |  | Year Ended December 31, |  |  | Year Ended December 31, |  |  | Cumulative costs incurred to date as of December 31, 2024 |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  |  |
|  | (in millions) |
Professional fees |  | $ | 1.6 |  |  | $ | 8.0 |  |  | $ | 7.2 |  |  | $ | 26.5 |
Retention and separation |  |  | 10.9 |  |  |  | 45.7 |  |  |  | 4.8 |  |  |  | 64.4 |
Other |  |  | 0.8 |  |  |  | 0.5 |  |  |  | 0.1 |  |  |  | 1.6 |
Total |  | $ | 13.3 |  |  | $ | 54.2 |  |  | $ | 12.1 |  |  | $ | 92.5 |
Changes in the liabilities related to the Transformation Program during the years ended December 31, 2024 and 2023, which were recognized in other current liabilities within the Company’s consolidated balance sheets, were as follows:
|  | Professional Fees |  |  | Retention and Separation |  |  | Other |  |  | Total |
|  | (in millions) |
Balance as of December 31, 2022 |  | $ | 0.6 |  |  | $ | 3.2 |  |  | $ | — |  |  | $ | 3.8 |
Expenses |  |  | 8.0 |  |  |  | 45.7 |  |  |  | 0.5 |  |  |  | 54.2 |
Cash payments |  |  | (7.6 | ) |  |  | (40.2 | ) |  |  | (0.5 | ) |  |  | (48.3 | )
Non-cash items and other |  |  | — |  |  |  | (0.5 | ) |  |  | — |  |  |  | (0.5 | )
Balance as of December 31, 2023 |  | $ | 1.0 |  |  | $ | 8.2 |  |  | $ | — |  |  | $ | 9.2 |
Expenses |  |  | 1.6 |  |  |  | 10.9 |  |  |  | 0.8 |  |  |  | 13.3 |
Cash payments |  |  | (2.6 | ) |  |  | (14.4 | ) |  |  | — |  |  |  | (17.0 | )
Non-cash items and other |  |  | — |  |  |  | — |  |  |  | (0.8 | ) |  |  | (0.8 | )
Balance as of December 31, 2024 |  | $ | — |  |  | $ | 4.7 |  |  | $ | — |  |  | $ | 4.7 |
During the first quarter of 2024, the Company initiated an organizational redesign project, or the Restructuring Program, to streamline its organizational structure to make it more efficient and effective and to allow the Company’s management team to work more closely with the markets, its distributors, and its customers. The Company has incurred total pre-tax expenses of approximately $69.1 million through December 31, 2024, all of which was recognized in selling, general, and administrative expenses within its consolidated statement of income during the year ended December 31, 2024. The Company expects to incur total pre-tax expenses of approximately $74 million relating to the Restructuring Program based on actual expenses incurred to date and expected future expenses. The Restructuring Program has been substantially completed as of December 31, 2024. Costs related to the Restructuring Program were as follows:
|  | Year Ended December 31, |
|  | 2024 |
|  | (in millions) |
Professional fees |  | $ | 4.6 |
Retention and separation |  |  | 64.5 |
Other |  |  | — |
Total |  | $ | 69.1 |
Changes in the liabilities related t o the Restructuring Program, which were recognized in other current liabilities within the Company’s consolidated balance sheets, were as follows:
|  | Professional Fees |  |  | Retention and Separation |  |  | Other |  |  | Total |
|  | (in millions) |
Expenses |  | $ | 4.6 |  |  | $ | 64.5 |  |  | $ | — |  |  | $ | 69.1 |
Cash payments |  |  | (4.1 | ) |  |  | (61.3 | ) |  |  | — |  |  |  | (65.4 | )
Non-cash items and other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance as of December 31, 2024 |  | $ | 0.5 |  |  | $ | 3.2 |  |  | $ | — |  |  | $ | 3.7 |

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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 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
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