Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring costs consist of severance costs, contract termination and associated costs, and other exit and disposal costs. Severance costs relate to a reduction in headcount, contract termination costs primarily relate to penalties for early termination of contracts and associated costs of transition, and other exit and disposal costs primarily relate to real estate exit costs.

During the twelve months ended December 31, 2023, we recorded $37.6 million of restructuring charges, all of which were recorded in selling, general and administrative expenses within our Consolidated Statements of Income. These charges were recorded to general corporate expense and resulted from our continuing efforts to realign our internal resources to support the Company’s strategic objectives and primarily relate to a reduction in headcount and contract termination and associated costs. As of March 31, 2024, $28.0 million of the 2023 restructuring charges have been paid with the remaining future payments expected to be completed by the fourth quarter of 2024.

The changes during the three months ended March 31, 2024 in the liabilities associated with the restructuring charges recorded during 2023, including expenses incurred and cash payments, are as follows:

Liability balance as of 12/31/2023 Expenses Incurred Cash Payments Liability balance as of 3/31/2024
Restructuring charges:
(In millions)
Severance costs $ 13.4  $   $ (5.1) $ 8.3 
Contract terminations and other associated costs 4.9    (3.3) 1.6 
Total $ 18.3  $   $ (8.4) $ 9.9