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Restructuring (Tables)
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Summary of Liabilities Recognized Related to Restructuring Plan The following table summarizes the liabilities recognized related to the 2023 Restructuring Plan (in millions):

 

 

 

Employee

 

 

 

 

 

 

 

 

 

 

 

 

Termination

 

 

Contract

 

 

 

 

 

 

 

 

 

Benefits

 

 

Terminations

 

 

Other

 

 

Total

 

Balance, December 31, 2022

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Additions

 

 

9.2

 

 

 

-

 

 

 

3.6

 

 

 

12.8

 

Cash payments

 

 

-

 

 

 

-

 

 

 

(1.0

)

 

 

(1.0

)

Non-cash activity

 

 

-

 

 

 

-

 

 

 

2.4

 

 

 

2.4

 

Balance, December 31, 2023

 

 

9.2

 

 

 

-

 

 

 

5.0

 

 

 

14.2

 

Additions

 

 

84.6

 

 

 

3.1

 

 

 

13.0

 

 

 

100.7

 

Cash payments

 

 

(73.9

)

 

 

(1.7

)

 

 

(12.6

)

 

 

(88.2

)

Foreign currency exchange rate changes

 

 

(1.1

)

 

 

-

 

 

 

(0.1

)

 

 

(1.2

)

Non-cash activity

 

 

-

 

 

 

-

 

 

 

1.6

 

 

 

1.6

 

Balance, December 31, 2024

 

$

18.8

 

 

$

1.4

 

 

$

6.9

 

 

$

27.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense incurred since the start of the 2023 Restructuring Plan

 

$

93.8

 

 

$

3.1

 

 

$

16.6

 

 

$

113.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense estimated to be recognized for the 2023 Restructuring Plan

 

$

95.0

 

 

$

5.0

 

 

$

20.0

 

 

$

120.0

 
The following table summarizes the liabilities recognized related to the 2021 Restructuring Plan (in millions):

 

 

 

Employee

 

 

 

 

 

 

 

 

 

 

 

 

Termination

 

 

Contract

 

 

 

 

 

 

 

 

 

Benefits

 

 

Terminations

 

 

Other

 

 

Total

 

Balance, December 31, 2021

 

$

19.5

 

 

$

2.3

 

 

$

10.3

 

 

$

32.1

 

Additions

 

 

33.6

 

 

 

49.5

 

 

 

16.6

 

 

 

99.7

 

Cash payments

 

 

(43.4

)

 

 

(27.8

)

 

 

(23.9

)

 

 

(95.1

)

Foreign currency exchange rate changes

 

 

0.8

 

 

 

1.0

 

 

 

0.1

 

 

 

1.9

 

Balance, December 31, 2022

 

 

10.5

 

 

 

25.0

 

 

 

3.1

 

 

 

38.6

 

Additions

 

 

6.0

 

 

 

22.0

 

 

 

9.3

 

 

 

37.3

 

Cash payments

 

 

(12.5

)

 

 

(30.2

)

 

 

(9.6

)

 

 

(52.3

)

Foreign currency exchange rate changes

 

 

0.2

 

 

 

0.8

 

 

 

0.1

 

 

 

1.1

 

Balance, December 31, 2023

 

 

4.2

 

 

 

17.6

 

 

 

2.9

 

 

 

24.7

 

Additions

 

 

(2.1

)

 

 

(0.1

)

 

 

2.4

 

 

 

0.2

 

Cash payments

 

 

(1.5

)

 

 

(14.8

)

 

 

(3.8

)

 

 

(20.1

)

Foreign currency exchange rate changes

 

 

(0.1

)

 

 

(0.7

)

 

 

(0.1

)

 

 

(0.9

)

Balance, December 31, 2024

 

$

0.5

 

 

$

2.0

 

 

$

1.4

 

 

$

3.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense incurred since the start of the 2021 Restructuring Plan

 

$

57.0

 

 

$

73.7

 

 

$

38.6

 

 

$

169.3

 

The following table summarizes the liabilities recognized related to the 2019 Restructuring Plan (in millions):

 

 

 

Employee

 

 

 

 

 

 

 

 

 

 

 

 

Termination

 

 

Contract

 

 

 

 

 

 

 

 

 

Benefits

 

 

Terminations

 

 

Other

 

 

Total

 

Balance, December 31, 2021

 

$

14.8

 

 

$

16.5

 

 

$

-

 

 

$

31.3

 

Additions

 

 

29.1

 

 

 

0.7

 

 

 

40.1

 

 

 

69.9

 

Cash payments

 

 

(13.4

)

 

 

(7.3

)

 

 

(33.3

)

 

 

(54.0

)

Foreign currency exchange rate changes

 

 

(1.6

)

 

 

(0.9

)

 

 

(0.4

)

 

 

(2.9

)

Balance, December 31, 2022

 

 

28.9

 

 

 

9.0

 

 

 

6.4

 

 

 

44.3

 

Additions

 

 

17.4

 

 

 

-

 

 

 

24.1

 

 

 

41.5

 

Cash payments

 

 

(2.1

)

 

 

(3.4

)

 

 

(27.7

)

 

 

(33.2

)

Foreign currency exchange rate changes

 

 

(0.4

)

 

 

-

 

 

 

0.1

 

 

 

(0.3

)

Balance, December 31, 2023

 

 

43.8

 

 

 

5.6

 

 

 

2.9

 

 

$

52.3

 

Additions

 

 

26.4

 

 

 

-

 

 

 

21.7

 

 

 

48.1

 

Cash payments

 

 

(32.0

)

 

 

(1.8

)

 

 

(23.2

)

 

 

(57.0

)

Foreign currency exchange rate changes

 

 

(0.2

)

 

 

-

 

 

 

(0.1

)

 

 

(0.3

)

Balance, December 31, 2024

 

$

38.0

 

 

$

3.8

 

 

$

1.3

 

 

$

43.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense incurred since the start of the 2019 Restructuring Plan

 

$

152.1

 

 

$

35.0

 

 

$

180.4

 

 

$

367.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense estimated to be recognized for the 2019 Restructuring Plan

 

$

160.0

 

 

$

35.0

 

 

$

205.0

 

 

$

400.0

 
Summary of Location on Consolidated Statement of Earnings and Type of Cost for Restructuring Plan

The following table summarizes the location on our consolidated statement of earnings and type of cost for our 2019 Restructuring Plan (in millions):

 

 

 

Year Ended December 31, 2024

 

 

 

Employee

 

 

 

 

 

 

 

 

 

 

 

 

Termination

 

 

Contract

 

 

 

 

 

 

 

 

 

Benefits

 

 

Terminations

 

 

Other

 

 

Total

 

Cost of products sold, excluding intangible asset amortization

 

$

-

 

 

$

-

 

 

$

11.5

 

 

$

11.5

 

Restructuring and other cost reduction initiatives

 

 

26.4

 

 

 

-

 

 

 

10.2

 

 

 

36.6

 

 

 

$

26.4

 

 

$

-

 

 

$

21.7

 

 

$

48.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

Employee

 

 

 

 

 

 

 

 

 

 

 

 

Termination

 

 

Contract

 

 

 

 

 

 

 

 

 

Benefits

 

 

Terminations

 

 

Other

 

 

Total

 

Cost of products sold, excluding intangible asset amortization

 

$

-

 

 

$

-

 

 

$

8.2

 

 

$

8.2

 

Restructuring and other cost reduction initiatives

 

 

17.4

 

 

 

-

 

 

 

15.9

 

 

 

33.3

 

 

 

$

17.4

 

 

$

-

 

 

$

24.1

 

 

$

41.5