Restructuring, Strategic Transaction and Integration (Notes)

6 Months Ended

Jun. 30, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure

Restructuring, Strategic Transaction and Integration

    Restructuring, strategic transaction and integration expenses were $16.2 million and $32.9 million for the three and six months ended June 30, 2025, respectively, as compared to $17.1 million and $33.2 million for the three and six months ended June 30, 2024, respectively.

Restructuring

    During the three and six months ended June 30, 2025 restructuring charges were $8.2 million and $15.0 million, respectively, as compared to $7.7 million and $13.0 million for the three and six months ended June 30, 2024, respectively, and were primarily related to facility closure costs and severance costs.

The following table summarizes the activity in our restructuring-related accrual by major type of cost for the three and six months ended June 30, 2025 (in thousands), which is included in accrued liabilities and other long-term liabilities on the condensed consolidated balance sheets:

	Severance Pay and Benefits		Retention and Facility Closure Costs		Total
Accrued balance, January 1, 2025	$	9,538	$	407	$	9,945
Charges incurred	2,401		4,397		6,798
Payments	(3,482)		(2,905)		(6,387)
Other(1)	(900)		—		(900)
Currency translation	155		14		169
Accrued balance, March 31, 2025	$	7,712	$	1,913	$	9,625
Charges incurred	4,289		3,934		8,223
Payments	(3,930)		(2,538)		(6,468)
Currency translation	287		95		382
Accrued balance, June 30, 2025	$	8,358	$	3,404	$	11,762

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(1) Relates to prior year accrued restructuring charges for estimated severances costs that were reclassed to other accounts during the three months ended March 31, 2025.

Strategic Transaction and Integration Expenses

    We incurred and expensed $8.0 million and $17.9 million in strategic transaction and integration expenses during the three and six months ended June 30, 2025, respectively, as compared to $9.4 million and $20.2 million in strategic transaction and integration expenses during the three and six months ended June 30, 2024, respectively, which are included in restructuring, strategic transaction and integration expenses in our condensed consolidated statements of operations. The strategic transaction and integration expenses during the three and six months ended June 30, 2025 and 2024 were primarily related to ongoing consulting expenses and employee costs incurred to integrate our Smiths Medical business acquired in 2022. The three and six months ended June 30, 2025 also included transaction costs related to the sale of a 60% ownership in our IV Solutions business in the second quarter of 2025.