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Restructuring
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Restructuring

4. Restructuring

 

In February 2025 and then as further expanded in December 2025, our management approved a new global restructuring program (the “2025 Restructuring Plan”) intended to reduce costs and transform the way we operate. The 2025 Restructuring Plan is expected to result in total pre-tax restructuring charges of approximately $155 million by the end of 2027. The pre-tax restructuring charges consist of employee termination benefits, contract terminations for sales agents and other charges, such as consulting fees. The expenses incurred under our 2025 Restructuring Plan are reported in our “Restructuring and other cost reduction initiatives” financial statement line item. The following table summarizes the liabilities recognized related to the 2025 Restructuring Plan (in millions):

 

 

 

Employee

 

 

 

 

 

 

 

 

 

 

 

 

Termination

 

 

Contract

 

 

 

 

 

 

 

 

 

Benefits

 

 

Terminations

 

 

Other

 

 

Total

 

Expenses incurred in the three months ended March 31, 2026

 

$

2.3

 

 

$

0.3

 

 

$

3.7

 

 

$

6.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2025

 

$

91.5

 

 

$

5.0

 

 

$

3.1

 

 

$

99.6

 

Expenses incurred in the three months ended March 31, 2026

 

 

2.3

 

 

 

0.3

 

 

 

3.7

 

 

 

6.3

 

Cash payments

 

 

(31.6

)

 

 

(0.5

)

 

 

(4.1

)

 

 

(36.2

)

Foreign currency exchange rate changes

 

 

(0.9

)

 

 

-

 

 

 

-

 

 

 

(0.9

)

Balance, March 31, 2026

 

$

61.3

 

 

$

4.8

 

 

$

2.7

 

 

$

68.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense incurred since the start of the 2025 Restructuring Plan

 

$

123.6

 

 

$

7.6

 

 

$

11.9

 

 

$

143.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense estimated to be recognized for the 2025 Restructuring Plan

 

$

130.0

 

 

$

10.0

 

 

$

15.0

 

 

$

155.0

 

 

We do not include restructuring charges in the operating profit of our reportable segments. We report the expenses for other cost reduction and optimization initiatives in our “Restructuring and other cost reduction initiatives” financial statement line item because

these activities also have the goal of reducing costs across the organization. However, since the cost reduction and optimization initiative expenses are not considered restructuring, they have been excluded from the amounts presented in this note.