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Restructuring and Other Items, net
 9 Months Ended
Sep. 29, 2024
Restructuring and Other Items, net [Abstract]  
Restructuring and Other Items, net

Note 5.  Restructuring and Other Items, net


In the third quarter of 2023, the Company recorded a $71.7 million non-cash impairment of long-lived assets charge related to its subsidiaries BMI Oldco Inc. (f/k/a Barretts Minerals Inc.) ("Oldco") and Barretts Ventures Texas LLC ("BVT") within the Consumer & Specialties segment.  This impairment was triggered by increased claims and continued increases in legal costs, which led to the voluntary filing for relief under Chapter 11 of the U.S. Bankruptcy Code to address and comprehensively resolve Oldco's liabilities associated with the talc claims. See Note 13 to the Condensed Consolidated Financial Statements for further information.


In the second quarter of 2023, the Company initiated a restructuring and cost savings program to further streamline its cost structure as a result of organizational efficiencies gained through the Company's resegmentation in the first quarter of 2023. As a result, the Company recorded a charge of $6.6 million for restructuring and other charges related to severance and other costs.  In the third quarter of 2023, an incremental charge of $0.3 million was recorded relating to this program.


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
    
Nine Months Ended
  
(in millions of dollars)
  
Sep. 29,
2024
    
Oct. 1,
2023
    
Sep. 29,
2024
    
Oct. 1,
2023
  
                         
Asset Write-Downs
                        
   Consumer & Specialties
  
$
—
    
$
71.7
    
$
—
    
$
71.7
  
     Total asset write-down charges
  
$
—
    
$
71.7
    
$
—
    
$
71.7
  
                                 
Severance and other costs
                                
   Consumer & Specialties
  
$
—
    
$
0.3
    
$
—
    
$
0.9
  
   Engineered Solutions
    
—
      
—
      
—
      
3.2
  
   Corporate
    
—
      
—
      
—
      
2.8
  
      Total severance and other employee costs
  
$
—
    
$
0.3
    
$
—
    
$
6.9
  
                                 
     Total restructuring and other items, net
  
$
—
    
$
72.0
    
$
—
    
$
78.6
  


At September 29, 2024, the Company had $2.5 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 within the next twelve months.



The following table is a reconciliation of our restructuring liability balance as of September 29, 2024:

(in millions of dollars)
      
Restructuring liability, December 31, 2023
  
$
3.8
  
Cash payments
    
(1.3
)
Restructuring liability, September 29, 2024
  
$
2.5