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Restructuring
6 Months Ended
Jun. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring

NOTE 4. Restructuring

During 2022, the Company announced its multi-year Chubb restructuring program designed to drive efficiencies and synergies and optimize operating margin. The Chubb restructuring program includes expenses related to workforce reductions, lease termination costs, and other facility rationalization costs through fiscal year 2024.

During the six months ended June 30, 2023, the Company incurred pre-tax restructuring costs within the Safety Services segment of $4 in connection with the Chubb restructuring program. Since the Chubb Acquisition through June 30, 2023, the Company had incurred aggregate restructuring costs of $34. In total, the Company estimates that it will recognize approximately $105 of restructuring costs related to the Chubb restructuring program by the end of fiscal year 2024. As of June 30, 2023, the Company had $15 in restructuring liabilities recorded in other accrued liabilities on the condensed consolidated balance sheets for this plan.

The following table summarizes the Company's restructuring program for the six months ended June 30, 2023 and 2022:

 

 

 

Six Months Ended
June 30, 2023

 

 

Six Months Ended
June 30, 2022

 

Balance at the beginning of the period

 

$

22

 

 

$

 

Charged to cost of revenues - employee related

 

 

 

 

 

2

 

Charged to selling, general, and administrative expenses - employee related

 

 

4

 

 

 

9

 

Payments

 

 

(11

)

 

 

(3

)

Currency translation adjustment

 

 

 

 

 

 

Balance at the end of the period

 

$

15

 

 

$

8

 

 

Additionally, the Company incurred $3 of related costs as part of the overall Chubb restructuring program, including right of use asset impairment charges related to the abandonment of leases.