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Restructuring, Business Transformation and Other Cost Saving Initiatives
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring, Business Transformation and Other Cost Saving Initiatives
2023 Fit for Growth Restructuring Program
In July 2023 we initiated additional cost saving measures as part of our Fit for Growth program to reduce operating costs, while improving operating efficiency and effectiveness. The Fit for Growth program is expected to generate approximately $1.0 billion in gross operating expense savings by the end of 2025, some of which will be reinvested in various initiatives. The Fit for Growth program is currently estimated to include net headcount reductions of approximately 1,000 employees and we expect to incur restructuring charges ranging from approximately $260.0 million to $280.0 million.
Total charges incurred from our 2023 cost saving initiatives are summarized as follows:
For the Three Months Ended September 30,
20242023
(In millions)Severance
Costs		Accelerated Depreciation and Other CostsTotalSeverance CostsAccumulated Depreciation and Other CostsTotal
Selling, general and administrative$— $9.1 $9.1 $— $5.9 $5.9 
Research and development— 3.5 3.5 — 0.2 0.2 
Restructuring charges4.6 — 4.6 37.7 17.3 55.0 
Total charges$4.6 $12.6 $17.2 $37.7 $23.4 $61.1 
For the Nine Months Ended September 30,
20242023
(In millions)Severance CostsAccelerated Depreciation and Other CostsTotalSeverance CostsAccumulated Depreciation and Other CostsTotal
Selling, general and administrative$— $12.5 $12.5 $— $17.4 $17.4 
Research and development— 10.6 10.6 — 0.7 0.7 
Restructuring charges20.2 — 20.2 62.6 33.8 96.4 
Total charges$20.2 $23.1 $43.3 $62.6 $51.9 $114.5 
Other Costs: includes costs associated with items such as asset abandonment and write-offs, facility closure costs, pretax gains and losses resulting from the termination of certain leases, employee non-severance expense, consulting fees and other costs.
Reata Integration
Following the close of our Reata acquisition in September 2023, we implemented an integration plan designed to realize operating synergies through cost savings and avoidance. Under this initiative, we estimate we will incur total integration charges ranging from approximately $35.0 million to $40.0 million, related to severance and employment costs, which are expected to be paid by the end of 2024. These amounts were substantially incurred during 2023.
Total charges incurred from our Reata integration are summarized as follows:
For the Three Months Ended September 30,
20242023
(In millions)Severance
Costs		Accelerated Depreciation and Other CostsTotalSeverance CostsAccumulated Depreciation and Other CostsTotal
Selling, general and administrative$— $1.6 $1.6 $— $— $— 
Research and development— 2.9 2.9 — — — 
Restructuring charges0.7 — 0.7 21.0 — 21.0 
Total charges$0.7 $4.5 $5.2 $21.0 $— $21.0 
For the Nine Months Ended September 30,
20242023
(In millions)Severance CostsAccelerated Depreciation and Other CostsTotalSeverance CostsAccumulated Depreciation and Other CostsTotal
Selling, general and administrative$— $4.9 $4.9 $— $— $— 
Research and development— 8.9 8.9 — — — 
Restructuring charges3.2 — 3.2 21.0 — 21.0 
Total charges$3.2 $13.8 $17.0 $21.0 $— $21.0 
In connection with our acquisition of Reata we assumed responsibility for a single-tenant, build-to-suit building of approximately 327,400 square feet of office and laboratory space located in Plano, Texas, with an initial lease term of 16 years. We do not intend to occupy this building and are evaluating opportunities to sublease the property. For additional information on our acquisition of Reata, please read Note 2, Acquisitions, to these condensed consolidated financial statements.
HI-Bio Integration
Additionally, following the close of our HI-Bio acquisition in July 2024, we implemented an integration plan designed to realize operating synergies through cost savings and avoidance. Under this initiative, we incurred approximately $1.5 million of severance and employment costs, which are reflected in restructuring charges within our condensed consolidated statements of income for the three and nine months ended September 30, 2024.
Restructuring Reserve
Charges and spending related to workforce reductions are summarized as follows:
Workforce Reductions
(In millions)20242023
Restructuring reserve as of January 1$75.4 $35.9 
Expense11.5 7.1 
Payment(42.2)(15.6)
Foreign currency and other adjustments0.8 0.6 
Restructuring reserve as of March 3145.5 28.0 
Expense6.6 17.8 
Payment(11.9)(13.4)
Foreign currency and other adjustments— (0.1)
Restructuring reserve as of June 3040.2 32.3 
Expense6.8 58.7 
Payment(4.7)(31.8)
Foreign currency and other adjustments(2.1)0.1 
Restructuring reserve as of September 30$40.2 $59.3