Restructuring and Related Charges

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]


7.			Restructuring and Related Charges

During fiscal 2021, 2018 and 2016, the Company launched restructuring programs designed to improve its cost structure. Charges of $50.0 million to $100.0 million were provided for under the 2021 program and $100.0 million to $125.0 million were provided for under the 2018 and 2016 programs. Each program will generally commence upon substantial completion of the previous program. The 2021 program has not commenced as of December 31, 2021 and there is no specified time period associated with this program. In addition to the aforementioned restructuring programs, the Company has taken restructuring actions to generate synergies from its acquisitions.

Net restructuring and related charges by segment were as follows:


	Fiscal Year
	2021		2020		2019
Specialty Brands	$	0.1	$	0.1	$	(13.7)
Specialty Generics	4.9		0.1		10.0
Corporate	24.0		49.6		2.0
Restructuring and related charges, net	29.0		49.8		(1.7)
Less: accelerated depreciation	(2.1)		(12.3)		—
Restructuring charges, net	$	26.9	$	37.5	$	(1.7)

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


	Fiscal Year
	2021		2020		2019
2018 Program	$	29.0	$	52.0	$	9.8
2016 Program	—		(0.3)		(10.6)
Acquisition programs	—		(1.9)		(0.9)
Total programs	29.0		49.8		(1.7)
Less: non-cash charges, including accelerated depreciation	(6.3)		(23.8)		—
Total charges expected to be settled in cash	$	22.7	$	26.0	$	(1.7)

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		2016 Program		Acquisition Programs		Total
Balance as of December 28, 2018	$	2.2	$	61.0	$	7.8	$	71.0
Charges from continuing operations	11.2		4.0		0.1		15.3
Changes in estimate from continuing operations	(1.4)		(14.6)		(1.0)		(17.0)
Cash payments	(9.3)		(13.1)		(2.4)		(24.8)
Reclassifications (1)	—		(5.0)		(4.3)		(9.3)
Currency translation and other	—		(1.0)		—		(1.0)
Balance as of December 27, 2019	2.7		31.3		0.2		34.2
Charges from continuing operations	28.6		0.1		—		28.7
Changes in estimate from continuing operations	(0.4)		(0.4)		(1.9)		(2.7)
Cash payments	(20.1)		(30.7)		(0.2)		(51.0)
Reclassifications (2)	(10.0)		—		—		(10.0)
Currency translation and other	0.2		(0.3)		1.9		1.8
Balance as of December 25, 2020	1.0		—		—		1.0
Charges from continuing operations	23.7		—		—		23.7
Changes in estimate from continuing operations	(1.0)		—		—		(1.0)
Cash payments	(12.8)		—		—		(12.8)


Balance as of December 31, 2021	$	10.9	$	—	$	—	$	10.9

(1)Represents the reclassification of lease liabilities, net to lease liabilities and lease assets, which are reflected within other liabilities and other assets on the consolidated balance sheet, due to the adoption of Accounting Standard Update (ASU) 2016-02.

(2)Represents the reclassification of certain restructuring reserve balances to LSTC as a result of the Company rejecting certain of its executory contracts.

As of December 31, 2021, net restructuring and related charges incurred cumulative to date were as follows:


	2018 Program (1)		2016 Program (2)
Specialty Brands	$	3.1	$	68.1
Specialty Generics	15.0		14.6

Corporate	77.9		28.6
	$	96.0	$	111.3

(1)There is no specified time period associated with this restructuring program.

(2)The 2016 Program was completed in fiscal 2020.

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