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Restructuring and Other Charges | 6 Months Ended
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Jun. 30, 2021
Restructuring and Related Activities [Abstract] |
Restructuring and Other Charges | Restructuring and Other Charges
| Second quarter ended |  | Six months ended
| June 30, |  | June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Layoff costs | $ | 2 |  |  | $ | 54 |  |  | $ | 2 |  |  | $ | 76 |
Net reversals of previously recorded layoff reserves | (2) |  |  | (8) |  |  | (1) |  |  | (10) |
Pension, Other post-retirement benefits and Deferred Compensation - net settlements (G) | 3 |  |  | 64 |  |  | 6 |  |  | 64 |
Non-cash asset impairments | 4 |  |  | — |  |  | 4 |  |  | — |
Net loss related to divestitures of assets and businesses (Q) | — |  |  | (7) |  |  | 4 |  |  | 9 |
Other | (2) |  |  | 2 |  |  | (1) |  |  | 5 |
Restructuring and other charges | $ | 5 |  |  | $ | 105 |  |  | $ | 14 |  |  | $ | 144 |
In the second quarter and six months ended June 30, 2021, the Company recorded Restructuring and other charges of $5 and $14, respectively, which was primarily due to charges for pension plan settlements and exit related costs. In the second quarter of 2020, the Company recorded Restructuring and other charges of $105, which included a $64 charge for pension plan settlements; a $54 charge for layoff costs; and a $2 charge for various other exit costs. These charges were partially offset by an $8 benefit from the reversal of several existing layoff reserves and a $7 benefit from the reversal of an impairment due to change in classification from held for sale to held for use related to an aerospace components business in the United Kingdom (U.K.). In the six months ended June 30, 2020, the Company recorded Restructuring and other charges of $144, which included a $76 charge for layoff costs; a $64 charge for pension plan settlements; a $6 post-closing adjustment related to the sale of the Company’s U.K. forgings business (which was formerly part of the Engine Products segment); $5 for impairment of assets associated with an agreement to sell an aerospace components business in the U.K. (within the Engineered Structures segment); and a $5 charge for various other exit costs. These charges were partially offset by a benefit of $10 related to the reversal of prior period programs and a gain of $2 on the sale of assets.
| Layoff costs |  | Other exit costs |  | Total
Reserve balances at December 31, 2020 | $ | 54 |  |  | $ | — |  |  | $ | 54 |
Cash payments | (32) |  |  | — |  |  | (32) |
Restructuring charges | 7 |  |  | 7 |  |  | 14 |
Other(1) | (8) |  |  | (7) |  |  | (15) |
Reserve balances at June 30, 2021 | $ | 21 |  |  | $ | — |  |  | $ | 21 |
(1)In the six months ended June 30, 2021, layoff costs included a $6 charge for pension plan settlements and a $2 charge for other layoffs costs; while other exit costs included a $4 charge for impairment of assets associated with the sale of a small manufacturing business and a $6 charge for other exit costs including accelerated depreciation, partially offset by a $3 favorable working capital related settlement. The remaining Layoff cost reserves are expected to be paid in cash by the end 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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