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Restructuring and Other Charges | 3 Months Ended
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Mar. 31, 2021
Restructuring and Related Activities [Abstract] |
Restructuring and Other Charges | Restructuring and Other Charges
| First quarter ended |  |
| March 31, |  |
| 2021 |  | 2020 |  |  |  |
Layoff costs | $ | — |  |  | $ | 22 |  |  |  |  |
Adjustments to (reversals of) previously recorded layoff reserves | 1 |  |  | (2) |  |  |  |  |
Pension, Other post-retirement benefits and Deferred Compensation - net settlements | 3 |  |  | — |  |  |  |  |
Net loss related to divestitures of assets and businesses | 4 |  |  | 16 |  |  |  |  |
Other | 1 |  |  | 3 |  |  |  |  |
Restructuring and other charges | $ | 9 |  |  | $ | 39 |  |  |  |  |
In the first quarter of 2021, the Company recorded Restructuring and other charges of $9, which included a $4 charge for impairment of assets associated with an agreement to sell a small manufacturing business in France, a $3 charge for U.S. pension plans' settlement accounting, a $1 adjustment related to a number of prior period program reserves and a $1 charge for exit costs including accelerated depreciation. In the first quarter of 2020, the Company recorded Restructuring and other charges of $39, which included a $22 charge for layoff costs, including the separation of 460 employees (175 in Engine Products, 106 in Fastening Systems, 100 in Engineered Structures, 56 in Forged Wheels and 23 in Corporate); a $12 charge for impairment of assets associated with an agreement to sell a small manufacturing business in the United Kingdom (U.K.); a $6 post closing adjustment related to the 2019 sale of the Company’s U.K. forgings business and a $3 charge for various other exit costs related to prior programs. These charges were partially offset by a benefit of $2 related to the reversal of a number of prior period program reserves and a $2 gain on sale of assets.
| Layoff costs |  | Other exit costs |  | Total
Reserve balances at December 31, 2020 | $ | 54 |  |  | $ | — |  |  | $ | 54 |
Cash payments | (24) |  |  | — |  |  | (24) |
Restructuring charges | 4 |  |  | 5 |  |  | 9 |
Other(1) | (5) |  |  | (5) |  |  | (10) |
Reserve balances at March 31, 2021 | $ | 29 |  |  | $ | — |  |  | $ | 29 |
(1)In the first quarter of 2021, Layoff costs included $3 in settlement accounting charges related to U.S. pension plans and a $2 charge for other layoffs costs; while Other exit costs included a $4 charge for impairment associated with an agreement to sell a small manufacturing business; and a $1 charge for other exit costs including accelerated depreciation. The remaining Layoff cost reserves are expected to be paid in cash by the end of 2021.

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- References No definition available. + Details
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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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