Restructuring Charges

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Note 7. Restructuring Charges

The Company’s restructuring events are primarily intended to realign its workforce, optimize cost structure, and consolidate facilities as a result of organizational and leadership changes to effectively support the Company’s long-term strategic objectives. Restructuring charges include termination benefits related to workforce reductions, facility exit-related costs, contract termination costs, impairment of certain assets and other related costs associated with exit or disposal activities. Workforce reduction-related benefits are provided to employees primarily under the Company’s ongoing benefit arrangements, which are accrued when the existing situation or set of circumstances indicates that an obligation has been incurred, it is probable the benefits will be paid, and the amount can be reasonably estimated in accordance with the provisions of the applicable accounting guidance.

The following table presents restructuring charges included in the Consolidated Statements of Operations (in millions):


	Years Ended December 31,
	2023		2022		2021
Employee severance	$	56.8	$	12.4	$	13.6
Facility exit-related and asset impairments	22.1		3.1		8.1
Contract terminations and other	19.1		4.7		21.2

Total	$	98.0	$	20.2	$	42.9

2023 Restructuring Plans

During the third quarter of 2023, as a result of a thorough review of the Company’s business and strategic objectives, the Company initiated and approved a restructuring plan (“2023 Transformation Plan”) intended to reallocate resources and investments in long-term growth opportunities, realign its workforce, and optimize its real estate and asset portfolios to efficiently support the Company’s strategic priorities and goals. During the fourth quarter of 2023, the Company continued to implement the 2023 Transformation Plan, which primarily resulted in additional workforce reductions.

In connection with the 2023 Transformation Plan, the Company incurred aggregate charges of $68.6 million, consisting of employee severance, facility exit-related, asset impairment, and other restructuring-related charges. The actions taken under the 2023 Transformation Plan are expected to be substantially completed by the end of the first quarter of 2024, though certain facility exits and workforce reduction actions may take longer to implement.

The Company also incurred aggregate charges of $31.9 million related to employee severance, asset impairments, and contract terminations under another restructuring plan initiated during the first half of 2023. As of December 31, 2023, approved actions under this plan have been substantially completed.

Prior Year Restructuring Activities

In 2022 and 2021, the Company initiated restructuring plans designed to enable reinvestment in certain key priority areas to align with strategic changes, which resulted in severance costs from workforce reductions, facility exit-related costs, contract terminations, and other exit-related costs. As of December 31, 2023, activities under these plans have been substantially completed.

Restructuring Liabilities

The following table provides a summary of changes in the restructuring liabilities (in millions) under the Company's approved restructuring plans for the twelve months ended December 31, 2023:


	2023 Restructuring Plans						Prior Year Plans
	Employee severance		Facility exit-related and asset impairments		Contract terminations and other		Employee severance		Facility exit-related and asset impairments		Contract terminations and other		Total
Liability as of December 31, 2022	$	—	$	—	$	—	$	3.0	$	1.2	$	1.9	$	6.1
Charges	57.3		24.1		19.1		(0.5)		(2.0)		—		98.0
Cash payments	(28.4)		(0.3)		(14.7)		(1.5)		(0.4)		(1.9)		(47.2)
Non-cash items	0.1		(23.6)		(1.2)		—		1.4		—		(23.3)
Liability as of December 31, 2023	$	29.0	$	0.2	$	3.2	$	1.0	$	0.2	$	—	$	33.6