Restructuring Restructuring

3 Months Ended

Mar. 31, 2016

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

On October 21, 2015, we announced a corporate restructuring, which included the termination of certain pipeline programs and an 11% reduction in workforce. We anticipate making cash payments totaling approximately $120 million under this program, which includes approximately $15.9 million related to previously accrued 2015 incentive compensation, resulting in net expected restructuring charges totaling approximately $105 million. These amounts have been substantially incurred and will be substantially paid by the end of 2016.

For the three months ended March 31, 2016, we recognized restructuring charges totaling $9.7 million, of which $1.4 million was related to our workforce reduction and $8.3 million was related to the pipeline program terminations. We previously recognized $93.4 million of restructuring charges in our consolidated statements of income during the fourth quarter of 2015. Our restructuring reserve is included in accrued expenses and other in our condensed consolidated balance sheets.

The following table summarizes the charges and spending related to our restructuring efforts during the first quarter of 2016:

(In millions)	Workforce Reduction			Pipeline Programs			Total
Restructuring reserve as of December 31, 2015	$	33.7		$	3.6		$	37.3
Expense	4.9			5.4			10.3
Payments	(25.1		)	(4.6		)	(29.7		)
Adjustments to previous estimates, net	(3.5		)	2.9			(0.6		)
Restructuring reserve as of March 31, 2016	$	10.0		$	7.3		$	17.3