Restructuring and Other Charges

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

Restructuring and Other Charges

	Second quarter ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Layoff costs	$	7	$	—	$	7	$	—
Reversals of previously recorded layoff reserves	$	—	$	—	—		(1)
Pension and Other post-retirement benefits - net settlements (E)	—		3		—		3
Net loss related to divestitures of assets and businesses (P)	14		—		13		—
Other	1		—		2		2
Total restructuring and other charges	$	22	$	3	$	22	$	4

In the second quarter of 2024, the Company recorded Restructuring and other charges of $22, which were primarily due to a loss on the sale of a small U.K. manufacturing facility in Engineered Structures of $14, a charge for layoff costs of $7, including the separation of 283 employees (144 in Fastening Systems, 112 in Engineered Structures and 27 in Forged Wheels) and other exit related costs, including accelerated depreciation, of $1.

In the six months ended June 30, 2024, the Company recorded Restructuring and other charges of $22, which were primarily due to a loss on the sale of a small U.K. manufacturing facility in Engineered Structures of $14, a charge for layoff costs of $7, and other exit related costs, including accelerated depreciation, of $2, partially offset by a gain on the sale of assets at a small U.K. manufacturing facility in Engine Products of $1.

In the second quarter of 2023, the Company recorded Restructuring and other charges of $3, which were primarily due to charges for a U.S. pension plan settlement of $3.

In the six months ended June 30, 2023, the Company recorded Restructuring and other charges of $4, which were primarily due to charges for a U.S. pension plan settlement of $3 and exit related costs, including accelerated depreciation, of $2, partially offset by a reversal of $1 for a layoff reserve related to a prior period.

	Layoff costs		Other exit costs		Total
Reserve balances at December 31, 2023	$	5	$	2	$	7
Cash payments	(2)		(1)		(3)
Restructuring charges	7		15		22
Other(1)	—		(14)		(14)
Reserve balances at June 30, 2024	$	10	$	2	$	12

(1)In the second quarter of 2024, other for other exit costs included a loss of $14 on the sale of a small U.K. manufacturing facility.

The remaining reserves as of June 30, 2024 are expected to be paid in cash during the remainder of 2024 and 2025.