PERRIGO Co plc
For the period ended Mar 30, 2024. Filed May 7, 2024.
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Mar 30, 2024 · Filed May 7, 2024
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Restructuring Charges
NOTE 13 -RESTRUCTURING CHARGES
We periodically take action to reduce redundant expenses and improve operating efficiencies. Restructuring activity includes severance, lease exit costs, asset impairments, and related consulting fees. The following reflects our restructuring activity (in millions):
| Three Months Ended | |||||
|---|---|---|---|---|---|
| March 30, 2024 | |||||
| Supply Chain Reinvention | HRA Pharma Integration | Project Energize | Other Initiatives | Total | |
| Beginning balance | $0.7 | $6.8 | $2.9 | $1.8 | $12.2 |
| Additional charges | 2.6 | 0.1 | 41.4 | 0.2 | 44.3 |
| Payments | (2.4) | (0.3) | (6.9) | (1.1) | (10.7) |
| Non-cash adjustments | — | — | (4.8) | — | (4.8) |
| Ending balance | $0.9 | $6.6 | $32.6 | $0.9 | $41.0 |
| Three Months Ended | ||||
|---|---|---|---|---|
| April 1, 2023 | ||||
| Supply Chain Reinvention | HRA Pharma Integration | Other Initiatives | Total | |
| Beginning balance | $2.2 | $13.3 | $4.3 | $19.8 |
| Additional charges | 2.6 | 0.8 | — | 3.4 |
| Payments | (4.4) | (2.6) | (1.0) | (8.0) |
| Non-cash adjustments | — | 0.3 | 0.1 | 0.4 |
| Ending balance | $0.4 | $11.8 | $3.4 | $15.6 |
The charges incurred during the three months ended March 30, 2024 and April 1, 2023 were primarily associated with actions taken on supply chain restructuring, Project Energize and HRA Pharma integration activities.
Of the amount recorded during the three months ended March 30, 2024, $15.5 million was related to our CSCI segment and $16.5 million related to our CSCA segment, and $12.3 million was related to our Unallocated segment. For all segments, amounts were due primarily to Project Energize. Of the amount recorded during the three months ended April 1, 2023, $0.9 million was related to our CSCI segment, and $1.2 million was related to our CSCA
Note 13
segment, and $1.3 million was related to our Unallocated segment. For all segments, amounts were due primarily to supply chain restructuring.
There were no other material restructuring programs for the periods presented. All charges are recorded in Restructuring expense on the Condensed Consolidated Statements of Operations. The remaining $41.0 million liability for employee severance benefits and consulting fees is expected to be mostly paid within the next year.
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