Restructuring and Other Charges

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2021		2020		2021		2020
Layoff costs	$	—	$	17	$	2	$	93
Net reversals of previously recorded layoff reserves	—		—		(1)		(10)
Pension, Other post-retirement benefits and Deferred Compensation - net settlements (G)	3		3		9		67
Non-cash asset impairments	4		—		8		—
Net loss related to divestitures of assets and businesses (Q)	—		—		4		9
Other	1		2		—		7
Restructuring and other charges	$	8	$	22	$	22	$	166

In the third quarter and nine months ended September 30, 2021, the Company recorded Restructuring and other charges of $8 and $22, respectively, which were primarily due to charges for pension plan settlements and exit related costs.

In the third quarter of 2020, the Company recorded Restructuring and other charges of $22, which included a $17 charge for layoff costs, an $8 charge for pension plan settlements, and a $2 charge for accelerated depreciation. These charges were partially offset by a $3 benefit from the termination of a deferred compensation plan and a $2 curtailment benefit related to a post-retirement plan.

In the nine months ended September 30, 2020, the Company recorded Restructuring and other charges of $166, which included a $93 charge for layoff costs, a $72 charge for pension plan settlements, a $6 post-closing adjustment related to the sale of the Company’s U.K. forgings business (which was formerly part of the Engine Products segment), a $5 charge for impairment of assets associated with an agreement to sell an aerospace components business in the U.K (within the Engineered Structures segment), a $2 charge for accelerated depreciation, and a $5 charge for various other exit costs. These charges were partially offset by a benefit of $10 related to the reversal of a number of prior period programs, a $3 benefit from the termination of a deferred compensation plan, a $2 curtailment benefit related to a post-retirement plan, and a gain of $2 on the sale of assets.


	Layoff costs		Other exit costs		Total
Reserve balances at December 31, 2020	$	54	$	—	$	54
Cash payments	(37)		—		(37)
Restructuring charges	10		12		22
Other(1)	(11)		(12)		(23)
Reserve balances at September 30, 2021	$	16	$	—	$	16

(1)In the nine months ended September 30, 2021, layoff costs included a $9 charge for pension plan settlements and a $2 charge for other layoffs costs; while other exit costs were primarily related to an $11 charge for other exit costs including accelerated depreciation.

The remaining layoff cost reserves are expected to be paid in cash by mid-year 2022.