Restructuring

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Restructuring, Business Transformation and Other Cost Saving Initiatives

Note 4: Restructuring

2023 Fit for Growth Restructuring Program

In 2023 we initiated 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 generated approximately $1.0 billion in gross operating expense savings by the end of 2025, some of which has been reinvested in various initiatives. The Fit for Growth program included net headcount reductions of approximately 1,400 employees and we incurred total restructuring charges of approximately $320.0 million by the end of 2025.

For the three months ended March 31, 2025, we recorded approximately $35.3 million in restructuring charges related to severance costs from our Fit for Growth program within restructuring charges in our condensed consolidated statements of income.

Restructuring Reserve

Charges and spending related to workforce reductions are summarized as follows:

	Workforce Reductions
(In millions)	2026		2025
Restructuring reserve as of January 1	$	15.8	$	31.9
Expense	7.9		35.3
Payment	(10.3)		(25.8)
Foreign currency and other adjustments	0.2		(1.0)
Restructuring reserve as of March 31	$	13.6	$	40.4