Productivity Improvement And Restructuring

3 Months Ended

Apr. 03, 2020

Restructuring and Related Activities [Abstract]

Productivity Improvement And Restructuring Initiatives

PRODUCTIVITY IMPROVEMENT AND RESTRUCTURING

The Company’s restructuring activities are undertaken as necessary to implement management’s strategy, streamline operations, take advantage of available capacity and resources, and ultimately achieve net cost reductions. These activities generally relate to the realignment of existing manufacturing capacity and closure of facilities and other exit or disposal activities, as it relates to executing the Company’s strategy, either in the normal course of business or pursuant to significant restructuring programs.

The Company initiated productivity improvements and restructuring related activities during the three months ended April 3, 2020, as summarized below ($ in millions):

	Employee Severance and Related			Facility Exit and Related			Total
Balance at December 31, 2019	$	5.6		$	—		$	5.6
Costs incurred	9.0			3.3			12.3
Paid/settled	(4.0		)	(0.1		)	(4.1		)
Balance at April 3, 2020	$	10.6		$	3.2		$	13.8

Productivity improvement and restructuring related charges recorded for the three months ended April 3, 2020 and March 29, 2019, by segment were as follows ($ in millions): 

	Three Months Ended
	April 3, 2020		March 29, 2019
Specialty Products & Technologies	$	0.8	$	(0.3	)
Equipment & Consumables	10.8		2.3
Other	0.7		—
Total	$	12.3	$	2.0

The productivity improvement and restructuring related charges incurred during the three months ended April 3, 2020 and March 29, 2019, are reflected in the following captions in the accompanying Condensed Consolidated and Combined Statements of Operations ($ in millions):

	Three Months Ended
	April 3, 2020		March 29, 2019
Cost of sales	$	2.8	$	0.9
Selling, general and administrative expenses	9.5		1.1
Total	$	12.3	$	2.0