RESTRUCTURING AND OTHER SPECIAL CHARGES

9 Months Ended

Sep. 30, 2015

Restructuring and Related Activities [Abstract]

Restructuring and Other Special Charges

RESTRUCTURING AND OTHER SPECIAL CHARGES

During the first nine months of 2015, the Company recorded net restructuring and other special charges of $59.9. The charges were comprised of $33.8 related to severance and other personnel costs along with $27.1 in costs associated with facility closures and impairment of certain information technology assets. These charges were offset by the reversal of previously established reserves of $1.0 in unused facility-related costs. The Company is evaluating any additional financial impacts for the proposed wind-down of operations related to the expiration of a CDD committed minimum volume contract. Additional costs which are currently under negotiation, are expected to include other employee and facility related charges, and are not yet determinable.

In addition, during the first nine months of 2015, the Company recorded $17.0 in consulting expenses (recorded in selling, general and administrative expenses) relating to fees incurred as part of Project LaunchPad as well as Covance integration costs. The Company also recorded $166.0 of deal costs related to the Acquisition, of which $113.4 is included in selling, general and administrative expenses and $52.6 is included in interest expense. During the third quarter of 2015, the Company also recorded a non-cash loss of $2.3, upon the dissolution of one of its equity investments, which is included in other, net expenses.

During the first nine months of 2014, the Company recorded net restructuring and other special charges of $15.4. The charges were comprised of $9.8 related to severance and other personnel costs along with $6.7 in costs associated with facility closures and general integration initiatives. These charges were offset by the reversal of previously established reserves of $0.4 in unused severance and $0.7 in unused facility-related costs.

In addition, during the third quarter of 2014, the Company recorded $10.1 in consulting expenses (recorded in selling, general and administrative expenses) relating to fees incurred as part of Project LaunchPad, as well as one-time CFO transition costs.

The following represents the Company’s restructuring reserve activities for the period indicated:

	Severance and Other Employee Costs			Lease and Other Facility Costs			Total
Balance as of December 31, 2014	$	0.4		$	21.7		$	22.1
Restructuring charges	33.8			27.1			60.9
Reduction of prior restructuring accruals	—			(1.0		)	(1.0		)
Cash payments and other adjustments	(9.7		)	(20.0		)	(29.7		)
Balance as of September 30, 2015	$	24.5		$	27.8		$	52.3
Current							$	32.5
Non-current							19.8
							$	52.3

	Severance and Other Employee Costs			Lease and Other Facility Costs			Total
Balance as of December 31, 2014	$	0.4		$	21.7		$	22.1
Restructuring charges	33.8			27.1			60.9
Reduction of prior restructuring accruals	—			(1.0		)	(1.0		)
Cash payments and other adjustments	(9.7		)	(20.0		)	(29.7		)
Balance as of September 30, 2015	$	24.5		$	27.8		$	52.3
Current							$	32.5
Non-current							19.8
							$	52.3