Restructuring and Other (Credits) Charges

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Other (Credits) Charges


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Layoff costs	$	1	$	1	$	8	$	1
Reversals of previously recorded layoff reserves	(1)		—		(1)		(1)
Pension and Other post-retirement benefits - net settlements (E)	—		2		—		5

Net (gain) loss related to divestitures of assets and businesses (P)	(1)		—		12		—
Other	—		1		2		3
Total restructuring and other (credits) charges	$	(1)	$	4	$	21	$	8

In the third quarter of 2024, the Company recorded Restructuring and other credits of $1, which were primarily due to a $1 gain related to the resolution of post-closing adjustments from the May 2024 sale of a small U.K. manufacturing facility in Engineered Structures and a reversal of $1 for a layoff reserve related to a prior period, partially offset by a $1 charge for layoff costs.

In the nine months ended September 30, 2024, the Company recorded Restructuring and other (credits) charges of $21, which were primarily due to a net loss on the sale of a small U.K. manufacturing facility in Engineered Structures of $13, an $8 charge for layoff costs, including the separation of 293 employees (144 in Fastening Systems, 111 in Engineered Structures and 38 in Forged Wheels), and 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 and a reversal of $1 for a layoff reserve related to a prior period.

In the third quarter of 2023, the Company recorded Restructuring and other (credits) charges of $4, which were primarily due to charges for a Canadian pension plan settlement of $2, layoff charges of $1, and exit related costs, including accelerated depreciation of $1.

In the nine months ended September 30, 2023, the Company recorded Restructuring and other (credits) charges of $8, which were primarily due to charges for a U.S. and Canadian pension plan settlements of $5, exit related costs, including accelerated depreciation of $3, and layoff charges of $1, 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	(6)		(1)		(7)
Restructuring charges	7		14		21
Other(1)	—		(14)		(14)
Reserve balances at September 30, 2024	$	6	$	1	$	7

(1)In the nine months ended September 30, 2024, other for other exit costs included a net loss of $13 on the sale of a small U.K. manufacturing facility and a charge of $2 for accelerated depreciation, partially offset by a gain on the sale of assets at a small U.K. manufacturing facility in Engine Products of $1.

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