Restructuring and Other Items, net

6 Months Ended

Jul. 04, 2021

Restructuring and Other Items, net [Abstract]

Restructuring and Other Items, net

Note 4.  Restructuring and Other Items, net

At July 4, 2021, the Company had $2.8 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 end of 2021.

The following table is a reconciliation of our restructuring liability balance as of July 4, 2021:

(millions of dollars)
Restructuring liability, December 31, 2020	$	3.6
Additional provision		—
Cash payments		(0.8	)
Restructuring liability, July 4, 2021	$	2.8

In June 2020, Verso Papers announced they would be idling two of their paper mills indefinitely.  As a result, the Company recorded a non-cash write-down of assets charge of $6.0 million and $0.3 million in severance related costs for its Paper PCC satellite facilities at these mills.  The Company also recorded $0.2 million in lease termination costs at one of the closed mills.