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Restructuring Activities | 6 Months Ended
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Jun. 30, 2025
Restructuring and Related Activities [Abstract] |
Restructuring Activities | 13. 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 June 30, 2025, of which zero and $3.5 million for the three months ended June 30, 2025 and 2024, respectively, and zero and $9.4 million for the six months ended June 30, 2025 and 2024, respectively, were recognized in selling, general, and administrative expenses within its condensed consolidated statements of income. The Transformation Program was completed as of December 31, 2024. Costs related to the Transformation Program were as follows:
|  | Three Months Ended |  |  | Six Months Ended |  |  |  |
|  | June 30, 2025 |  |  | June 30, 2024 |  |  | June 30, 2025 |  |  | June 30, 2024 |  |  | Cumulative costs incurred to date as of June 30, 2025 |
|  | (in millions) |
Professional fees |  | $ | — |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | 1.5 |  |  | $ | 26.5 |
Retention and separation |  |  | — |  |  |  | 2.9 |  |  |  | — |  |  |  | 7.8 |  |  |  | 64.4 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 1.6 |
Total |  | $ | — |  |  | $ | 3.5 |  |  | $ | — |  |  | $ | 9.4 |  |  | $ | 92.5 |
Changes in the liabilities related to the Transformation Program, which were recognized in other current liabilities within the Company’s condensed consolidated balance sheets, were as follows:
|  | Professional Fees |  |  | Retention and Separation |  |  | Other |  |  | Total |
|  | (in millions) |
Balance as of December 31, 2024 |  | $ | — |  |  | $ | 4.7 |  |  | $ | — |  |  | $ | 4.7 |
Expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cash payments |  |  | — |  |  |  | (2.0 | ) |  |  | — |  |  |  | (2.0 | )
Non-cash items and other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance as of June 30, 2025 |  | $ | — |  |  | $ | 2.7 |  |  | $ | — |  |  | $ | 2.7 |
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, distributors, and customers. The Company has incurred total pre-tax expenses of approximately $73.1 million through June 30, 2025, of which $0.7 million and $48.8 million for the three months ended June 30, 2025 and 2024, respectively, and $4.0 million and $65.5 million for the six months ended June 30, 2025 and 2024, respectively, were recognized in selling, general, and administrative expenses within its condensed consolidated statements of income. 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 was substantially completed as of December 31, 2024. Costs related to the Restructuring Program were as follows:
|  | Three Months Ended |  |  | Six Months Ended |  |  |  |
|  | June 30, 2025 |  |  | June 30, 2024 |  |  | June 30, 2025 |  |  | June 30, 2024 |  |  | Cumulative costs incurred to date as of June 30, 2025 |
|  | (in millions) |
Professional fees |  | $ | (0.5 | ) |  | $ | 1.4 |  |  | $ | (0.5 | ) |  | $ | 4.2 |  |  | $ | 4.1 |
Retention and separation |  |  | 1.2 |  |  |  | 47.4 |  |  |  | 4.5 |  |  |  | 61.3 |  |  |  | 69.0 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 0.7 |  |  | $ | 48.8 |  |  | $ | 4.0 |  |  | $ | 65.5 |  |  | $ | 73.1 |
Changes in the liabilities related t o the Restructuring Program, which were recognized in other current liabilities within the Company’s condensed consolidated balance sheets, were as follows:
|  | Professional Fees |  |  | Retention and Separation |  |  | Other |  |  | Total |
|  | (in millions) |
Balance as of December 31, 2024 |  | $ | 0.5 |  |  | $ | 3.2 |  |  | $ | — |  |  | $ | 3.7 |
Expenses |  |  | (0.5 | ) |  |  | 4.5 |  |  |  | — |  |  |  | 4.0 |
Cash payments |  |  | — |  |  |  | (6.8 | ) |  |  | — |  |  |  | (6.8 | )
Non-cash items and other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance as of June 30, 2025 |  | $ | — |  |  | $ | 0.9 |  |  | $ | — |  |  | $ | 0.9 |
During April 2025, the Company initiated a process and organizational redesign project of its global technology infrastructure, or the Technology Realignment Program, to better align with new technologies, enhance operational efficiency, and optimize support of business goals and processes. The Company has incurred total pre-tax expenses of approximately $3.6 million for the three months ended June 30, 2025 which were recognized in selling, general, and administrative expenses within its condensed consolidated statements of income. For the first phase of the Technology Realignment Program, the Company expects to incur total pre-tax expenses of approximately $5 million based on actual expenses incurred to date and expected future expenses. The Company expects to complete the first phase of the Technology Realignment Program in 2025. Since the Company is still assessing the scope, timing, and execution plan of any potential additional phases, these estimated amounts are preliminary and accordingly the Company cannot estimate the amounts to be incurred for the program in totality. Costs related to the Technology Realignment Program were as follows:
|  | Three Months Ended |  |  |  |
|  | June 30, 2025 |  |  | Cumulative costs incurred to date as of June 30, 2025 |
|  | (in millions) |
Professional fees |  | $ | — |  |  | $ | — |
Retention and separation |  |  | 3.6 |  |  |  | 3.6 |
Other |  |  | — |  |  |  | — |
Total |  | $ | 3.6 |  |  | $ | 3.6 |
Changes in the liabilities related to the Technology Realignment Program, which were recognized in other current liabilities within the Company’s condensed consolidated balance sheets, were as follows:
|  | Professional Fees |  |  | Retention and Separation |  |  | Other |  |  | Total |
|  | (in millions) |
Expenses |  | $ | — |  |  | $ | 3.6 |  |  | $ | — |  |  | $ | 3.6 |
Cash payments |  |  | — |  |  |  | (2.6 | ) |  |  | — |  |  |  | (2.6 | )
Non-cash items and other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance as of June 30, 2025 |  | $ | — |  |  | $ | 1.0 |  |  | $ | — |  |  | $ | 1.0 |

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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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