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Restructuring and Other Items
 6 Months Ended
Jun. 29, 2025
Restructuring and Other Items [Abstract]  
Restructuring and Other Items

Note 4.  Restructuring and Other Items


In the second quarter of 2025, the Company recorded a $5.8 million charge in restructuring and other items for the write-down of assets and other charges relating to the consolidation of two facilities.


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 Condensed Consolidated Statements of Income (Loss) and the segment they relate to:

 
Three Months Ended
    
Six Months Ended
  
(in millions of dollars)
  
Jun. 29,
2025
    
Jun. 30,
2024
    
Jun. 29,
2025
    
Jun. 30,
2024
  
Write-down of assets
                        
Consumer & Specialties
  
$
1.7
    
$
—
    
$
1.7
    
$
—
  
Engineered Solutions
    
1.7
      
—
      
1.7
      
—
  
   Total charge for asset write-downs
  
$
3.4
    
$
—
    
$
3.4
    
$
—
  
                                 
Severance and other related costs
                                
Consumer & Specialties
  
$
1.6
    
$
—
    
$
4.1
    
$
—
  
Engineered Solutions
    
0.8
      
—
      
1.6
      
—
  
Corporate
    
—
      
—
      
2.2
      
—
  
     Total severance and other related costs
  
$
2.4
    
$
—
    
$
7.9
    
$
—
  
                                 
         Total restructuring and other items
  
$
5.8
    
$
—
    
$
11.3
    
$
—
  


At June 29, 2025, the Company had $6.7 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 relating to workforce reductions as of June 29, 2025:

(in millions of dollars)
      
Restructuring liability, December 31, 2024
  
$
2.4
  
Additional provisions
    
5.5
  
Cash payments
    
(1.2
)
Restructuring liability, June 29, 2025
  
$
6.7