RESTRUCTURING INITIATIVES

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

In late 2017, we began a business transformation to drive profitable sales growth, increase operational excellence, enhance our approach to innovation and improve organizational effectiveness. The primary focus of the plan was the previous Beauty + Home segment; however, certain global general and administrative functions were also addressed. As of the end of 2021, we had completed the vast majority of our planned initiatives related to our transformation plan. During 2023, 2022 and 2021, we recognized $0.4 million of income, $0.4 million of restructuring costs and $23.2 million of restructuring costs related to this plan, respectively.

During the third quarter of 2022, we began an initiative to better leverage our fixed cost base through growth and cost reduction measures. For the years ended December 31, 2023 and 2022, we recognized $45.4 million and $6.2 million, respectively, of restructuring costs related to this initiative. The cumulative expense incurred as of December 31, 2023 was $51.6 million.

As of December 31, 2023, we have recorded the following activity associated with our optimization initiative:


	Beginning Reserve at 12/31/2022		Net Charges for the Year Ended 12/31/2023		Cash Paid		Interest and FX Impact		Ending Reserve at 12/31/2023
Employee severance	$	4,993	$	37,167	$	(12,608)	$	(2,474)	$	27,078
Professional fees and other costs	—		8,278		(5,486)		18		2,810
Totals	$	4,993	$	45,445	$	(18,094)	$	(2,456)	$	29,888