Restructuring and Other Items, net

9 Months Ended

Sep. 29, 2019

Restructuring and Other Items, net [Abstract]

Note 6. Restructuring and Other Items, net

During the second quarter of 2019, the Company initiated a restructuring and cost savings program to better align our costs and organizational structure with the current market environment. The Company recorded a $7.5 million non-cash impairment of assets charge related to facilities and equipment no longer operating and deemed to be held for sale or discontinued and $5.7 million in other restructuring costs in the second quarter of 2019.

The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income and the segments they relate to the nine months ended September 29, 2019:

(millions of dollars)	September 29, 2019

Asset Write-Downs
Performance Materials	$	4.2
Specialty Minerals		1.6
Energy Services		1.7
Total impairment of assets charges	$	7.5

Severance and other related costs
Performance Materials	$	2.8
Specialty Minerals		0.9
Refractories		0.8
Energy Services		0.1
Corporate		1.1
Total severance and other related costs	$	5.7

Total restructuring and other items, net	$	13.2

At September 29, 2019, the Company had $5.3 million included within accrued liabilities in the Condensed Consolidated Balance Sheet for cash expenditures needed to satisfy remaining obligations under workforce reduction initiatives. The Company expects to pay these amounts by the first half of 2020.

The following table is a reconciliation of our restructuring liability balance as of September 29, 2019:

(millions of dollars)
Restructuring liability, December 31, 2018	$	2.5
Additional provisions		5.7
Cash payments		(2.9	)
Restructuring liability, September 29, 2019	$	5.3