Restructuring, Asset Impairments and Other, Net

6 Months Ended

Jul. 01, 2022

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 July 1, 2022
Other (1)	$	(0.7)	$	—	$	(1.0)	$	(1.7)
Total	$	(0.7)	$	—	$	(1.0)	$	(1.7)
	Restructuring		Asset Impairments		Other		Total
Six months ended July 1, 2022
Other (2)	$	(1.2)	$	4.0	$	(17.5)	$	(14.7)
Total	$	(1.2)	$	4.0	$	(17.5)	$	(14.7)

(1)Primarily includes a gain of approximately $1.4 million from the sale of an office building.

(2)Primarily includes a gain of approximately $17.5 million related to the sale of two office buildings and a $1.2 million reduction in workforce restructuring expenses, offset by a $4.0 million asset impairment of the GTAT Sapphire manufacturing facility.

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

	As of						As of
	December 31, 2021		Charges		Usage		July 1, 2022
Employee separation charges	$	10.8	$	(1.2)	$	(7.1)	$	2.5
Total	$	10.8	$	(1.2)	$	(7.1)	$	2.5

There were no new restructuring programs implemented and the activity during the quarter and six months ended July 1, 2022 represented payments to employees whose employment was terminated during 2021. The Company expects to pay the remaining accrued expense during the second half of 2022.

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