ICON PLC
For the period ended Mar 31, 2025. Filed May 2, 2025.
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Mar 31, 2025 · Filed May 2, 2025
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8. Restructuring
- Restructuring
In the three months ended March 31, 2025, a restructuring charge of $39.3 million (March 31, 2024: $nil)was recorded in the Condensed Consolidated Statement of Operations under a restructuring plan reflecting a workforce reduction.
| Three Months Ended | ||
|---|---|---|
| March 31,2025 | March 31,2024 | |
| (in thousands) | ||
| Restructuring charges | $39,346 | $— |
| Total | $39,346 | $— |
At March 31, 2025, a total liability of $52.0 million (December 31, 2024:$31.5 million) was recorded on the Condensed Consolidated Balance Sheet relating to restructuring activities.
| Three Months Ended | Year Ended | |
|---|---|---|
| March 31,2025 | December 31, 2024 | |
| (in thousands) | ||
| Opening provision | $31,474 | $6,999 |
| Charge during the period | 39,346 | 76,392 |
| Utilization | (18,820) | (51,917) |
| Closing provision | $52,000 | $31,474 |
The closing provision of$52.0 million (December 31, 2024: $31.5 million) reflects:
(1)$48.5 million (December 31, 2024: $27.7 million) of personnel related liabilities as a result of the workforce reduction; all of which have been classified as short-term within Other Liabilities, and
(2)$3.5 million (December 31, 2024: $3.8 million) of facilities related liabilities of which$1.3 million (December 31, 2024:$1.4 million) is included within Other Liabilities and$2.2 million (December 31, 2024:$2.4 million) is included within Non-Current Other Liabilities.
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