Restructuring, Asset Impairments and Other, Net

9 Months Ended

Oct. 01, 2021

Restructuring Charges [Abstract]

Restructuring, Asset Impairments and Other, Net

Note 5: Restructuring, Asset Impairments and Other, Net

Details of restructuring, asset impairments and other charges, net are as follows (in millions):        

	Restructuring		Asset Impairments		Other		Total
Quarter ended October 1, 2021
2021 Involuntary Separation Program	$	1.0	$	—	$	—	$	1.0
Other	—		—		(2.7)		(2.7)
Total	$	1.0	$	—	$	(2.7)	$	(1.7)
	Restructuring		Asset Impairments		Other		Total
Nine months ended October 1, 2021
2021 Involuntary Separation Program	$	55.1	$	—	$	—	$	55.1
Other	—		3.3		(0.1)		3.2
Total	$	55.1	$	3.3	$	(0.1)	$	58.3

A summary of changes in accrued restructuring balance is as follows (in millions):

	As of						As of
	December 31, 2020		Charges		Usage		October 1, 2021
Employee separation charges	$	6.2	$	55.1	$	(46.1)	$	15.2
Total	$	6.2	$	55.1	$	(46.1)	$	15.2

2021 Involuntary Separation Program

On March 4, 2021, as part of its ongoing efforts to realign its investments to focus on growth drivers and key markets and to streamline its operations, the Company announced its plans to implement certain employee terminations during 2021 (the "ISP").

Under the ISP, the Company notified approximately 725 employees of their employment termination, and incurred severance costs and other benefit costs amounting to $55.1 million during the nine months ended October 1, 2021. The severance and other benefit costs incurred during the quarter ended October 1, 2021 related to certain insignificant adjustments to the severance costs previously recorded. Approximately $14.8 million of the incurred charges remained accrued as of October 1, 2021, which the Company expects to pay during the fourth quarter of 2021 and the first quarter of 2022.

The Company continues to evaluate employee positions and locations for potential efficiencies and may incur additional severance and related charges in the future.