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Restructuring and Other Charges | 9 Months Ended
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Sep. 30, 2020
Restructuring and Related Activities [Abstract] |
Restructuring and Other Charges | Restructuring and Other Charges
| Third quarter ended |  | Nine months ended
| September 30, |  | September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Layoff costs | $ | 17 |  |  | $ | — |  |  | $ | 93 |  |  | $ | 68 |
Reversals of previously recorded layoff reserves | — |  |  | — |  |  | (10) |  |  | (2) |
Pension, Other post-retirement benefits and Deferred Compensation - net settlements and curtailments | 3 |  |  | 4 |  |  | 67 |  |  | (8) |
Non-cash asset impairments | — |  |  | 8 |  |  | — |  |  | 442 |
Net loss on divestitures of assets and businesses | — |  |  | 42 |  |  | 9 |  |  | 54 |
Other | 2 |  |  | 2 |  |  | 7 |  |  | 18 |
Restructuring and other charges | $ | 22 |  |  | $ | 56 |  |  | $ | 166 |  |  | $ | 572 |
In the third quarter of 2020, the Company recorded Restructuring and other charges of $22, which included a $17 charge for layoff costs, including the separation of 791 employees (415 in Engine Products and 376 in Engineered Structures); a $8 settlement accounting charge related to United Kingdom (U.K.) and U.S. pension plans, and a $2 charge for accelerated depreciation. These charges were partially offset by a $3 benefit from the termination of a deferred compensation plan and a $2 curtailment benefit related to a post-retirement plan. In the nine months ended September 30, 2020 the Company recorded Restructuring and other charges of $166, which included a $93 charge for layoff costs, including the separation of 3,772 employees (1,706 in Engine Products, 1,275 in Fastening Systems, 676 in Engineered Structures, 92 in Forged Wheels and 23 in Corporate); a $72 charge for U.K. and U.S. pension plans' settlement accounting; a $6 post-closing adjustment related to the sale of the Company’s U.K. forgings business; a $5 charge for impairment of assets associated with an agreement to sell an aerospace components business in the U.K that did not occur and the business was returned to held for use; a $2 charge for accelerated depreciation and a $5 charge for various other exit costs. These charges were partially offset by a benefit of $10 related to the reversal of a number of prior period programs; a $3 benefit from the termination of a deferred compensation plan; a $2 curtailment benefit related to a post-retirement plan and a gain of $2 on the sale of assets. In the third quarter of 2019, the Company recorded Restructuring and other charges of $56 which included a $43 charge for impairment of assets associated with an agreement to sell a U.K. forging business; a $8 charge for impairment of properties, plants, and equipment related to the Company’s primary research and development facility; a $4 settlement accounting charge related to U.S. pension plans; a $2 charge for various other exit costs including accelerated depreciation; partially offset by a net gain of $1 on the sale of assets. In the nine months ended September 30, 2019, the Company recorded Restructuring and other charges of $572 which included a $428 charge for impairment of the Disks long-lived asset group; a $68 charge for layoff costs, including the separation of 901 employees (103 in Engine Products, 112 in Engineered Structures, 132 in Fastening Systems, 60 in Forged Wheels and 494 in Corporate); a $43 charge for impairment of assets associated with an agreement to sell the UK forging business; a $14 charge for impairment of properties, plants, and equipment related to the Company’s primary research and development facility; a $12 charge for other exit costs from lease terminations primarily related to the exit of the corporate aircraft; a $12 loss on sale of assets primarily related to a small additive business; a $8 settlement accounting charge for U.S. pension plans; a $2 net charge for executive severance net of the benefit of forfeited executive stock compensation and a $4 charge for other exit costs; partially offset by a benefit of $16 related to the elimination of the life insurance benefit for the U.S. salaried and non-bargaining hourly retirees of the Company and its subsidiaries; a benefit of $2 for the reversal of a number of small layoff reserves related to prior periods and a net gain of $1 on the sales of assets. The Company recorded an impairment charge of $428 related to the Disks long-lived asset group in the second quarter ended June 30, 2019 and nine months ended September 30, 2019, of which $247 and $181 was related to the Engine Products and Engineered Structures segments, respectively, as the carrying value exceeded the forecasted undiscounted cash flows composed of a write-down of properties, plants and equipment, intangible assets and certain other noncurrent assets.
| Layoff costs |  | Other exit costs |  | Total
Reserve balances at December 31, 2019 | $ | 13 |  |  | $ | — |  |  | $ | 13 |
Cash payments | (38) |  |  | — |  |  | (38) |
Restructuring charges | 150 |  |  | 16 |  |  | 166 |
Other(1) | (67) |  |  | (16) |  |  | (83) |
Reserve balances at September 30, 2020 | $ | 58 |  |  | $ | — |  |  | $ | 58 |
(1) In 2020, Layoff costs included $72 in settlement accounting charges related to U.K. and U.S. pension plans, a $3 benefit from the termination of a deferred compensation plan and a $2 curtailment benefit related to a post-retirement plan; while Other exit costs included a charge of $5 for impairment of assets and a $6 post-closing adjustment related to the sale of a business; a $2 charge for accelerated depreciation and a $5 charge for other exit costs, which were offset by a gain of $2 on the sale of assets. The remaining Layoff cost reserves are expected to be paid in cash by the end of the third quarter of 2021.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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