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Cost Reduction Actions
 6 Months Ended
Jul. 01, 2023
Restructuring and Related Activities [Abstract]  
Cost Reduction Actions Cost Reduction Actions
2023 Actions
During the six months ended July 1, 2023, we recorded $28.6 million in restructuring charges related to our 2023 actions. These charges consisted of severance and related costs for the reduction of approximately 700 positions at numerous locations across our company. These actions, which were primarily taken in our Materials Group reportable segment, largely related to headcount reductions.
During the six months ended July 1, 2023, restructuring charges and payments were as follows:
(In millions)
Accrual at
December 31, 2022
Charges,
Net of
Reversals
Cash
Payments
Non-cash
Impairment
Foreign
Currency
Translation
Accrual at
July 1, 2023
2023 Actions
Severance and related costs$— $26.9 $(23.5)$— $— $3.4 
Asset impairment charges— 1.7 — (1.7)— — 
2019/2020 Actions
Severance and related costs5.1 (1.0)(4.1)— — — 
Total$5.1 $27.6 $(27.6)$(1.7)$— $3.4 
Accruals for severance and related costs, as well as lease cancellation costs, were included in “Other current liabilities” in the unaudited Condensed Consolidated Balance Sheets. Asset impairment charges were based on the estimated market value of the assets, less selling costs, if applicable. Restructuring charges were included in “Other expense (income), net” in the unaudited Condensed Consolidated Statements of Income.
The table below shows the total amount of restructuring charges, net of reversals, incurred by reportable segment and Corporate.
Three Months EndedSix Months Ended
(In millions)July 1, 2023July 2, 2022July 1, 2023July 2, 2022
Restructuring charges, net of reversals, by reportable segment and Corporate
Materials Group$5.6 $.6 $19.9 $1.1 
Solutions Group4.4 1.7 7.8 2.1 
Corporate— .8 (.1).8 
Total$10.0 $3.1 $27.6 $4.0