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Restructuring and Other Items, net
 6 Months Ended
Jul. 02, 2023
Restructuring and Other Items, net [Abstract]  
Restructuring and Other Items, net

Note 5.  Restructuring and Other Items, net


In the second quarter of 2023, the Company initiated a restructuring and cost savings program to further streamline our cost structure as a result of organizational efficiencies gained through our recent resegmentation.  As a result, the Company recorded a charge of $6.6 million for restructuring and other charges related to severance and other costs.


The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income and the segment they relate to:

  
Three Months Ended
    
Six Months Ended
  
(in millions of dollars)
  
Jul. 2,
2023
    
Jul. 3,
2022
    
Jul. 2,
2023
    
Jul. 3,
2022
  
                         
Consumer & Specialties
  
$
0.6
    
$
—
    
$
0.6
    
$
—
  
Engineered Solutions
    
3.2
      
—
      
3.2
      
—
  
Corporate
    
2.8
      
—
      
2.8
      
—
  
     Total restructuring and other items, net
  
$
6.6
    
$
—
    
$
6.6
    
$
—
  


At July 2, 2023, the Company had $6.6 million included within other current 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 end of the second quarter of 2024.


The following table is a reconciliation of our restructuring liability balance as of July 2, 2023:

(in millions of dollars)
      
Restructuring liability, December 31, 2022
  
$
—
  
Additional provision
    
6.6
  
Cash payments
    
—
  
Restructuring liability, July 2, 2023
  
$
6.6