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Restructuring
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring RESTRUCTURING
Restructuring charges primarily consist of employee separation benefits under existing severance programs, foreign statutory termination benefits, certain one-time termination benefits, contract termination costs, asset impairment charges and other costs that are associated with restructuring actions. Certain restructuring charges are accrued prior to payments made in accordance with applicable guidance. For such charges, the amounts are determined based on estimates prepared at the time the restructuring actions were approved by management. Inventory write offs due to restructuring are reported in Cost of products and all other restructuring charges are reported as Restructuring expenses in the Statements of Income.

In the third quarter of 2022, the Company implemented a restructuring plan (the "2022/2023 restructuring plan") to optimize the overall cost structure for the Company on a global basis. The initiatives under this plan included streamlining operations and enhancing our general and administrative infrastructure. The Company recognized restructuring charges of $18.1 million, net of a cumulative release of the related liability of $7.2 million. The 2022/2023 restructuring plan was completed as of March 31, 2024.

The following table details the cumulative restructuring charges reported in operating income for the 2022/2023 restructuring plan since the implementation of this plan:  
Cumulative Amount
During the Quarter Ended
Cumulative Amount
(In millions)Balance as of December 31, 2023March 31, 2024June 30, 2024Balance as of June 30, 2024
2022/2023 restructuring plan
Severance and related expense$12.7 $0.7 $0.1 $13.5 
Other4.1 0.4 0.1 4.6 
Total restructuring charges, net$16.8 $1.1 $0.2 $18.1 
Restructuring charges, net of release of related liability, are reported in Restructuring expense within the Condensed Consolidated Statements of Income. Liability balances for restructuring activities are included in Other current liabilities in the accompanying Condensed Consolidated Balance Sheets. The table below details the activities in 2024:
Impact to Earnings
(In millions)Balance as of December 31, 2023Charged to EarningsReleasesCash PaymentsBalance as of June 30, 2024
2022/2023 restructuring plan
Severance and related expense$4.3 $1.5 $(0.7)$(2.8)$2.3 
Other3.7 0.5 — (4.2)— 
Total$8.0 $2.0 $(0.7)$(7.0)$2.3 

The Company released $0.7 million of the liability during the six months ended June 30, 2024, which it no longer expects to pay in connection with the restructuring plans due to actual severance payments differing from the original estimates and natural attrition of employees.