XML 21 R11.htm IDEA: XBRL DOCUMENT v3.23.3
Cost Reduction Actions
 9 Months Ended
Sep. 30, 2023
Restructuring and Related Activities [Abstract]  
Cost Reduction Actions Cost Reduction Actions
2023 Actions
In the third quarter of 2023, we approved a restructuring plan (the “2023 Plan”) to further optimize the European footprint of our Materials Group reportable segment, which is expected to decrease headcount by approximately 240 positions from the reduction of operations in a manufacturing facility in Belgium. The cumulative charges associated with the 2023 Plan through the third quarter of 2023 consisted of severance and related costs for the reduction of approximately 210 positions, as well as asset impairment charges. During the nine months ended September 30, 2023, we recorded $30.2 million in restructuring charges related to the 2023 Plan. The activities related to the 2023 Plan are expected to be substantially completed by mid-2025.

In addition to the restructuring charges recorded under the 2023 Plan, we recorded $42.2 million in restructuring charges during the nine months ended September 30, 2023 related to other 2023 actions (collectively, the "2023 Actions"). These charges consisted of severance and related costs for the reduction of approximately 1,160 positions at numerous locations across our company.
During the nine months ended September 30, 2023, restructuring charges and payments were as follows:
(In millions)
Accrual at
December 31, 2022
Charges,
Net of
Reversals
Cash
Payments
Non-cash
Impairment
Foreign
Currency
Translation
Accrual at
September 30, 2023
2023 Actions
Severance and related costs$— $65.6 $(36.5)$— $(.4)$28.7 
Asset impairment charges— 6.8 — (6.8)— — 
2019/2020 Actions
Severance and related costs5.1 (1.0)(4.1)— — — 
Total$5.1 $71.4 $(40.6)$(6.8)$(.4)$28.7 
Accruals for severance and related costs, as well as lease cancellation costs, were included in “Other current liabilities” and "Long-term retirement benefits and other 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 EndedNine Months Ended
(In millions)September 30, 2023October 1, 2022September 30, 2023October 1, 2022
Restructuring charges, net of reversals, by reportable segment and Corporate
Materials Group$30.6 $1.4 $50.5 $2.5 
Solutions Group9.4 3.4 17.2 5.5 
Corporate3.8 — 3.7 .8 
Total$43.8 $4.8 $71.4 $8.8