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Restructuring and Other (Credits) Charges
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Other (Credits) Charges Restructuring and Other (Credits) Charges
Third quarter endedNine months ended
September 30,September 30,
2025202420252024
Layoff costs$— $1 $3 $8 
Reversals of previously recorded layoff reserves— (1)(2)(1)
Net (gain) losses related to divestitures of assets and businesses (1)(1)(6)12 
Other1 — 1 2 
Total restructuring and other (credits) charges$— $(1)$(4)$21 
In the third quarter of 2025, the Company recorded Restructuring and other credits of less than $1, which were primarily due to a gain related to post-closing adjustments from the May 2024 sale of a small United Kingdom (“U.K.”) manufacturing facility in Engineered Structures of $1, partially offset by exit related costs, including accelerated depreciation, of $1.
In the nine months ended September 30, 2025, the Company recorded Restructuring and other credits of $4, which were primarily due to a gain on the sale of assets at a small U.K. manufacturing facility in Engineered Structures of $3, a gain on the sale of assets at a previously closed facility in Forged Wheels of $2, a reversal of $2 for layoff reserves related to a prior period, and a gain related to post-closing adjustments from the May 2024 sale of a small U.K. manufacturing facility in Engineered Structures of $1, partially offset by a charge for layoff costs of $3 including the separation of 106 employees (79 in Fastening Systems and 27 in Forged Wheels) and exit related costs, including accelerated depreciation, of $1.
In the third quarter of 2024, the Company recorded Restructuring and other credits of $1, which were primarily due to a $1 gain related to post-closing adjustments from the May 2024 sale of a small U.K. manufacturing facility in Engineered Structures and a reversal of $1 for a layoff reserve related to a prior period, partially offset by a $1 charge for layoff costs.
In the nine months ended September 30, 2024, the Company recorded Restructuring and other charges of $21, which were primarily due to a net loss on the May 2024 sale of a small U.K. manufacturing facility in Engineered Structures of $13, an $8 charge for layoff costs, including the separation of 293 employees (144 in Fastening Systems, 111 in Engineered Structures and 38 in Forged Wheels), and exit related costs, including accelerated depreciation, of $2, partially offset by a gain on the sale of assets at a small U.K. manufacturing facility in Engine Products of $1 and a reversal of $1 for a layoff reserve related to a prior period.
Layoff costsOther exit costsTotal
Reserve balances at December 31, 2024$4 $— $4 
Cash payments(2)(2)(4)
Restructuring charges (credits)1 (5)(4)
Other(1)
— 7 7 
Reserve balances at September 30, 2025$3 $— $3 
(1)In the nine months ended September 30, 2025, other for other exit costs were primarily due to a gain on the sale of assets at a small U.K. manufacturing facility in Engineered Structures of $3 and a gain on the sale of assets at a previously closed facility in Forged Wheels of $2.
The remaining reserves as of September 30, 2025 are expected to be paid in cash during the remainder of 2025 and 2026.