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COST REDUCTION ACTIONS | 12 Months Ended
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Dec. 31, 2022
Restructuring and Related Activities [Abstract] |
COST REDUCTION ACTIONS | COST REDUCTION ACTIONS Restructuring Charges We have plans that provide eligible employees with severance benefits in the event of an involuntary termination. We calculate severance using the benefit formulas under the applicable plans. We record restructuring charges from qualifying cost reduction actions for severance and other exit costs (including asset impairment charges and lease and other contract cancellation costs) when they are probable and estimable. 2019/2020 Actions During 2022, we recorded $7.3 million in restructuring charges, net of reversals, related to our 2019/2020 actions. These charges consisted of severance and related costs for the reduction of approximately 830 positions and asset impairment charges at numerous locations across our company, reflecting actions in both our reportable segments. The actions in our Materials Group reportable segment were primarily associated with consolidations of its operations in North America and its graphics business in Europe, in part in response to COVID-19. The actions in our Solutions Group reportable segment were primarily related to global headcount and footprint reduction, with some actions accelerated and expanded in response to COVID-19. During 2021, we recorded $13.3 million in restructuring charges, net of reversals, related to our 2019/2020 actions. These charges consisted of severance and related costs for the reduction of approximately 360 positions, as well as asset impairment charges. Our activities related to our 2019/2020 actions began in the fourth quarter of fiscal year 2019 and continued through fiscal year 2022. Accruals for severance and related costs and lease cancellation costs were included in “Other current liabilities” in the Consolidated Balance Sheets. Asset impairment charges were based on the estimated market value of the assets, less selling costs, if applicable. Restructuring charges were included in “Other expense (income), net” in the Consolidated Statemen ts of Income. During 2022, restructuring charges and payments were as follows:
(In millions) |  | Accrual at January 1, 2022 |  | Charges, Net of Reversals |  | Cash Payments |  | Non-cash Impairment |  | Foreign Currency Translation |  | Accrual at December 31, 2022
2019/2020 Actions |  |  |  |  |  |  |  |  |  |  |  |
Severance and related costs |  | $ | 11.5 |  |  | $ | 7.2 |  |  | $ | (13.4) |  |  | $ | — |  |  | $ | (.2) |  |  | $ | 5.1 |
Asset impairment charges |  | — |  |  | .1 |  |  | — |  |  | (.1) |  |  | — |  |  | — |
Total |  | $ | 11.5 |  |  | $ | 7.3 |  |  | $ | (13.4) |  |  | $ | (.1) |  |  | $ | (.2) |  |  | $ | 5.1 |
During 2021, restructuring charges and payments were as follows:
(In millions) |  | Accrual at January 2, 2021 |  | Charges, Net of Reversals |  | Cash Payments |  | Non-cash Impairment |  | Foreign Currency Translation |  | Accrual at January 1, 2022
2019/2020 Actions |  |  |  |  |  |  |  |  |  |  |  |
Severance and related costs |  | $ | 28.3 |  |  | $ | 10.3 |  |  | $ | (26.2) |  |  | $ | — |  |  | $ | (.9) |  |  | $ | 11.5 |
Asset impairment charges |  | — |  |  | 2.4 |  |  | — |  |  | (2.4) |  |  | — |  |  | — |
Lease cancellation costs |  | — |  |  | .6 |  |  | (.6) |  |  | — |  |  | — |  |  | — |
2018/2019 Actions |  |  |  |  |  |  |  |  |  |  |  |
Lease cancellation costs |  | .3 |  |  | — |  |  | (.3) |  |  | — |  |  | — |  |  | — |
Total |  | $ | 28.6 |  |  | $ | 13.3 |  |  | $ | (27.1) |  |  | $ | (2.4) |  |  | $ | (.9) |  |  | $ | 11.5 |
The table below shows the total amount of restructuring charges incurred by reportable segment and Corporate.
(In millions) |  | 2022 |  | 2021 |  | 2020
Restructuring charges by reportable segment and Corporate |  |  |  |  |  |
Materials Group |  | $ | (1.0) |  |  | $ | 5.0 |  |  | $ | 36.3 |
Solutions Group |  | 7.9 |  |  | 7.6 |  |  | 18.7 |
Corporate |  | .8 |  |  | 1.0 |  |  | .3 |
Total |  | $ | 7.7 |  |  | $ | 13.6 |  |  | $ | 55.3 |

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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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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