XML 34 R22.htm IDEA: XBRL DOCUMENT v3.21.2
Restructuring Activities And Related Impairments
 6 Months Ended
Jul. 02, 2021
Restructuring and Related Activities [Abstract]  
Restructuring Activities And Related Impairments RESTRUCTURING ACTIVITIES AND RELATED IMPAIRMENTS
Restructuring Activities
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 liability related to the Company’s restructuring activities, which is included in accrued liabilities in the Condensed Consolidated Balance Sheets, is summarized below ($ in millions):
Employee Severance
and Related		Facility Exit
and Related		Total
Balance, December 31, 2020$30.5 $5.4 $35.9 
Costs incurred9.5 3.9 13.4 
Paid/settled(19.5)(7.6)(27.1)
Balance, July 2, 2021$20.5 $1.7 $22.2 
Restructuring related charges recorded for the three and six months ended July 2, 2021 and July 3, 2020, by segment, were as follows ($ in millions): 
Three Months EndedSix Months Ended
July 2, 2021July 3, 2020July 2, 2021July 3, 2020
Specialty Products & Technologies$3.6 $15.7 $7.1 $16.5 
Equipment & Consumables2.9 41.2 5.0 52.0 
Other1.2 3.0 3.7 3.7 
Total$7.7 $59.9 $15.8 $72.2 
During the three months ended July 3, 2020, the Company made the decision to exit a portion of its treatment unit business, which is part of the Equipment & Consumables segment, as part of its strategy to restructure its portfolio and improve its cost structure. In connection with the exit the Company recognized a non-cash loss of $19 million. The majority of this loss included $9 million related to the impairment of certain intangible assets, which is included in selling, general and administrative expenses and $9 million of inventory write-offs, which is included in cost of sales.
The restructuring related charges incurred during the three and six months ended July 2, 2021 and July 3, 2020, are reflected in the following captions in the accompanying Condensed Consolidated Statements of Operations ($ in millions):
Three Months EndedSix Months Ended
July 2, 2021July 3, 2020July 2, 2021July 3, 2020
Cost of sales$2.9 $23.9 $5.7 $26.7 
Selling, general and administrative expenses4.8 36.0 10.1 45.5 
Total$7.7 $59.9 $15.8 $72.2