ASSURANT INC
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
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13. Restructuring and Related Impairment Charges
- Restructuring and Related Impairment Charges
In December 2022, the Company finalized its plan to realize greater efficiencies by continuing to simplify its business portfolio and leverage its global footprint to reduce costs. This included realigning its organizational structure and talent to support its business strategy (the “transformational plan”). The Company also accelerated its ongoing real estate consolidation to support work-from-home arrangements given its increasingly hybrid workforce (the “return to work strategy”).
In September 2023, the Company amended and extended the December 2022 plan to include additional actions within the initiatives described above, including further consolidation of its real estate portfolio and additional changes to its organizational structure. The Company now expects to be substantially complete with these actions in 2026.
The following table summarizes the costs by major type that are recorded in underwriting, selling, general and administrative expenses in the consolidated statements of operations for the three months ended March 31, 2025 and 2024, the estimated remaining costs to be incurred and the estimated total costs. Substantially all of the charges are expected to be cash. Restructuring costs related to strategic exit activities (outside of normal periodic restructuring and cost management activities) are not allocated to a reportable segment.
| Costs Incurred for Three Months Ended March 31, · Estimated Remaining Costs · Estimated Total Costs | ||||
|---|---|---|---|---|
| 2025 · 2024 | ||||
| Transformational plan: | ||||
| Severance and other employee benefits | $1.9 | $— | $— | $59.1 |
| Total transformational plan | 1.9 | — | — | 59.1 |
| Return to work strategy: | ||||
| Contract exit costs | (3.0) | — | — | 19.9 |
| Fixed asset impairment | — | — | — | 2.3 |
| Right-of-use asset impairment | — | — | — | 10.2 |
| Total return to work strategy | (3.0) | — | — | 32.4 |
| Total restructuring and impairment charges | $(1.1) | $— | $— | $91.5 |
The following table shows the rollforward of the accrued liability by major type.
| Transformational Plan | Return to Work Strategy (contract exit costs) | |
|---|---|---|
| Balance at January 1, 2025 | $13.4 | $11.2 |
| Charges incurred | 2.3 | 0.5 |
| Non-cash adjustment | (0.4) | (3.5) |
| Cash payments | (1.2) | (4.6) |
| Balance at March 31, 2025 | $14.1 | $3.6 |
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