ICON PLC
For the period ended Jun 30, 2025. Filed Jul 24, 2025.
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Jun 30, 2025 · Filed Jul 24, 2025
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8. Restructuring
- Restructuring
In the six months ended June 30, 2025, a restructuring charge of $82.3 million(June 30, 2024:$45.8 million) was recorded in the Condensed Consolidated Statement of Operations.
The restructuring plan reflected a workforce reduction of $75.6 million(June 30, 2024:$31.7 million)and an office consolidation program to optimize the Company's office footprint of $6.7 million (June 30, 2024: $14.1 million), being the impairment of operating right-off-use assets and related property plant and equipment of $5.6 million (June 30, 2024: $12.6 million) and onerous contract costs of $1.1 million (June 30, 2024: $1.5 million).
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30,2025 | June 30,2024 | June 30,2025 | June 30,2024 | |
| (in thousands) | ||||
| Restructuring charges | $42,950 | $45,789 | $82,296 | $45,789 |
| Total | $42,950 | $45,789 | $82,296 | $45,789 |
At June 30, 2025, a total liability of $44.5 million (December 31, 2024:$31.5 million) was recorded on the Condensed Consolidated Balance Sheet relating to restructuring activities.
| Six Months Ended | Year Ended | |
|---|---|---|
| June 30,2025 | December 31, 2024 | |
| (in thousands) | ||
| Opening provision | $31,474 | $6,999 |
| Charge during the period* | 76,723 | 76,392 |
| Utilization | (63,731) | (51,917) |
| Closing provision | $44,466 | $31,474 |
*The charge for thesix months ended June 30, 2025 reflects the workforce reduction of$75.6 million (year ended December 31, 2024: $74.5 million) and onerous contract costs of$1.1 million (year ended December 31, 2024: $1.9 million).
The closing provision of$44.5 million (December 31, 2024: $31.5 million) reflects:
(1)$40.1 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 current within Other Liabilities, and
(2)$4.4 million (December 31, 2024: $3.8 million) of facilities related liabilities of which$1.6 million (December 31, 2024:$1.4 million) is included within Other Liabilities and $2.8 million (December 31, 2024:$2.4 million) is included within Non-Current Other Liabilities.
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