XML 29 R12.htm IDEA: XBRL DOCUMENT v3.20.2
Restructuring
6 Months Ended
Jun. 30, 2020
Restructuring And Related Activities [Abstract]  
Restructuring

6. RESTRUCTURING

The restructuring provision charge in the three and six month periods ended June 30, 2020 mainly relate to the structural efficiency program initiated in the second quarter of 2020 in primarily the Americas and Europe. This new program is expected to be concluded in 2021. For the three and six month periods ended June 30, 2020, cash payments mainly relate to the structural efficiency program initiated in 2019.

As of June 30, 2020, approximately $63 million out of the $99.6 million in total reserve balance can be attributed to the structural efficiency program initiated in the second quarter of 2020. The remaining balance mainly relates to the structural efficiency program initiated in 2019, whereof the main part is expected to be concluded in 2020.

The table below summarizes the change in the balance sheet position of the employee related restructuring reserves (dollars in millions). The changes in the employee-related reserves have been charged against Other income (expense), net in the Consolidated Statements of Income. Restructuring costs other than employee related costs are immaterial for all periods presented.

 

 

 

Three months ended June 30

 

 

Six months ended June 30

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Reserve at beginning of the period

 

$

52.1

 

 

$

28.5

 

 

$

56.1

 

 

$

33.4

 

Provision - charge

 

 

69.2

 

 

 

12.9

 

 

 

70.9

 

 

 

13.7

 

Provision - reversal

 

 

(7.3

)

 

 

 

 

 

(7.4

)

 

 

(0.1

)

Cash payments

 

 

(16.0

)

 

 

(1.4

)

 

 

(20.4

)

 

 

(6.5

)

Translation difference

 

 

1.6

 

 

 

0.3

 

 

 

0.4

 

 

 

(0.2

)

Reserve at end of the period

 

$

99.6

 

 

$

40.3

 

 

$

99.6

 

 

$

40.3