Restructuring and Related Charges

9 Months Ended

Sep. 24, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Charges

4. Restructuring and Related Charges

During fiscal 2018, the Company launched a restructuring program designed to improve its cost structure. Charges of $100.0 million to $125.0 million were provided for under the program. In addition to the aforementioned program, the Company has taken restructuring actions to generate synergies from its acquisitions.

Net restructuring and related charges by segment were as follows:

	Three Months Ended				Nine Months Ended
	September 24, 2021		September 25, 2020		September 24, 2021		September 25, 2020
Specialty Brands	$	0.1	$	—	$	0.1	$	0.1
Specialty Generics	—		—		—		0.1
Corporate	11.6		3.2		19.4		15.6
Restructuring and related charges, net	11.7		3.2		19.5		15.8
Less: accelerated deprecation	(0.7)		—		(2.0)		—
Restructuring charges, net	$	11.0	$	3.2	$	17.5	$	15.8

Net restructuring and related charges by program were comprised of the following:

	Three Months Ended				Nine Months Ended
	September 24, 2021		September 25, 2020		September 24, 2021		September 25, 2020
2018 Program	$	11.7	$	3.2	$	19.5	$	17.8
2016 Program 1	—		—		—		(0.1)
Acquisition Programs	—		—		—		(1.9)
Total programs	11.7		3.2		19.5		15.8
Less: non-cash charges, including accelerated depreciation	(1.7)		—		(4.3)		—
Total charges expected to be settled in cash	$	10.0	$	3.2	$	15.2	$	15.8

(1)The 2016 Program was completed during fiscal 2020.

The following table summarizes cash activity for restructuring reserves, substantially all of which related to contract termination costs, employee severance and benefits and exiting of certain facilities:

	2018 Program
Balance as of December 25, 2020	$	1.0
Charges	15.8
Changes in estimate	(0.6)
Cash payments	(10.1)
Balance as of September 24, 2021	$	6.1

As of September 24, 2021, net restructuring and related charges incurred cumulative to date were as follows:

	2018 Program
Specialty Brands	$	3.1
Specialty Generics	10.1
Corporate	73.3
	$	86.5

All of the restructuring reserves were included in accrued and other current liabilities on the Company's unaudited condensed consolidated balance sheets. Amounts paid in the future may differ from the amount currently recorded.