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Business Consolidation and Other Activities
9 Months Ended
Sep. 30, 2024
Business Consolidation and Other Activities  
Business Consolidation and Other Activities

6.     Business Consolidation and Other Activities

Business consolidation and other activities resulted in charges of $85 million and $171 million for the three and nine months ended September 30, 2024, respectively, in the unaudited condensed consolidated statements of earnings. During the three and nine months ended, the charges were primarily related to facility closure costs and costs for employee severance, employee benefits and other related items resulting from the company restructuring its operating model. The charges for the three and nine months ended September 30, 2024, were partially offset by income from the receipt of insurance proceeds for replacement costs related to the 2023 fire at the company’s Verona, Virginia extruded aluminum slug manufacturing facility.

Business consolidation and other activities resulted in charges of $29 million and $43 million for the three and nine months ended September 30, 2023, respectively, in the unaudited condensed consolidated statements of earnings. These charges were primarily composed of facility closure costs. Due to the sale of the aerospace business, the company reclassed $18 million of costs to sell incurred and paid in 2023 previously reported as business consolidation and other activities to discontinued operations, net of tax. See Note 4 for further details on these costs and the aerospace sale.