Restructuring and Other Items, net

3 Months Ended

Mar. 30, 2025

Restructuring and Other Items, net [Abstract]

Restructuring and Other Items, net

Note 4.  Restructuring and Other Items, net

In the first quarter of 2025, the Company initiated a cost savings program, primarily through workforce reductions, and recorded a charge of $5.5 million for severance and other related costs associated with this program.

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

	Three Months Ended
(in millions of dollars)	Mar. 30, 2025		Mar. 31, 2024
Consumer & Specialties	$	2.5	$	—
Engineered Solutions		0.8		—
Corporate		2.2		—
Total restructuring and other items, net	$	5.5	$	—

At March 30, 2025, the Company had $7.2 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 March 30, 2025:

(in millions of dollars)
Restructuring liability, December 31, 2024	$	2.4
Additional provisions		5.5
Cash payments		(0.7	)
Restructuring liability, March 30, 2025	$	7.2