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Cost Reduction Actions
 3 Months Ended
Mar. 30, 2024
Restructuring and Related Activities [Abstract]  
Cost Reduction Actions Cost Reduction Actions
2023 Actions
We recorded $6.0 million in restructuring charges, net of reversals, during the three months ended March 30, 2024. These charges consisted of severance and related costs for the reduction of approximately 100 positions at various locations across our company.
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 by reducing operations in a manufacturing facility in Belgium. The cumulative charges associated with the 2023 Plan, which we recorded in 2023, consisted of severance and related costs for the reduction of approximately 210 positions, as well as asset impairment charges. We do not anticipate additional charges related to the 2023 Plan and expect it to be substantially completed by mid-2025.
During the three months ended March 30, 2024, restructuring charges and payments were as follows:
(In millions)
Accrual at
December 30, 2023
Charges,
Net of
Reversals
Cash
Payments
Non-cash
Impairment
Foreign
Currency
Translation
Accrual at
March 30, 2024
2023 Actions
Severance and related costs$27.7 $4.9 $(12.8)$— $(.5)$19.3 
Asset impairment charges— .7 — (.7)— — 
Lease cancellation charges
— .4 (.4)— — — 
Total$27.7 $6.0 $(13.2)$(.7)$(.5)$19.3 
Accruals for severance and related costs, as well as lease cancellation charges, 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 Ended
(In millions)March 30, 2024April 1, 2023
Restructuring charges, net of reversals, by reportable segment and Corporate
Materials Group$2.5 $14.3 
Solutions Group3.4 3.4 
Corporate.1 (.1)
Total$6.0 $17.6