Restructuring and Other Credits

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]


	Second quarter ended				Six months ended
	June 30,				June 30,
	2026		2025		2026		2025
Layoff costs	$	—	$	3	$	—	$	3
Reversals of previously recorded layoff reserves	—		(1)		—		(2)


Net gains related to divestitures of assets and businesses (C)	—		(2)		(93)		(5)

Total restructuring and other credits	$	—	$	—	$	(93)	$	(4)

In the second quarter of 2026, the Company recorded Restructuring and other charges of less than $1.

In the six months ended June 30, 2026, the Company recorded Restructuring and other credits of $93, which were primarily due to a gain on the sale of its disk forging facility in Savannah, Georgia within Engineered Structures of $93 in the first quarter of 2026.

In the second quarter of 2025, the Company recorded Restructuring and other charges of less than $1, which were primarily due to a charge for layoff costs of $3, including the separation of 119 employees (79 in Fastening Systems and 40 in Forged Wheels), partially offset by a gain on the sale of assets at a previously closed facility in Forged Wheels of $2 and a reversal of $1 for layoff reserves related to a prior period.

In the six months ended June 30, 2025, the Company recorded Restructuring and other credits of $4, which were primarily due to a gain on the sale of assets at a small U.K. manufacturing facility in Engineered Structures of $3, a gain on the sale of assets at a previously closed facility in Forged Wheels of $2, and a reversal of $2 for layoff reserves related to a prior period, partially offset by a charge for layoff costs of $3.


	Layoff costs		Other exit costs		Total
Reserve balances at December 31, 2025	$	1	$	—	$	1

Restructuring credits	—		(93)		(93)
Other(1)	—		93		93
Reserve balances at June 30, 2026	$	1	$	—	$	1

(1)In the six months ended June 30, 2026, other for other exit costs were primarily due to a gain on the sale of the disk forging facility in Savannah, Georgia within Engineered Structures of $93.

The remaining reserves as of June 30, 2026 are expected to be paid in cash in 2026 and 2027.