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COST REDUCTION ACTIONS | 12 Months Ended
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Dec. 30, 2023
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. 2023 Actions In the third quarter of 2023, we approved a restructuring plan (the "2023 Plan") to further optimize the European footprint of our Materials Group reportable segment by reducing operations in a manufacturing facility in Belgium. The cumulative charges associated with the 2023 Plan consisted of severance and related costs for the reduction of approximately 210 positions as well as asset impairment charges. During 2023 we recorded $30.4 million in restructuring charges related to the 2023 Plan. The activities related to the 2023 Plan are expected to be substantially completed by mid-2025. We recorded $49.0 million in restructuring charges, net of reversals, related to other 2023 actions (collectively with the 2023 Plan, "2023 Actions"). These charges consisted of severance and related costs for the reduction of approximately 1,450 positions and asset impairment charges at numerous locations across our company. 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 the pandemic. 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 the pandemic. 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” and "Long-term retirement benefits and other 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 2023, restructuring charges and payments were as follows:
(In millions) |  | Accrual at December 31, 2022 |  | Charges, Net of Reversals |  | Cash Payments |  | Non-cash Impairment |  | Foreign Currency Translation |  | Accrual at December 30, 2023
2023 Actions |  |  |  |  |  |  |  |  |  |  |  |
Severance and related costs |  | $ | — |  |  | $ | 72.1 |  |  | $ | (45.1) |  |  | $ | — |  |  | $ | .7 |  |  | $ | 27.7 |
Asset impairment charges |  | — |  |  | 8.3 |  |  | — |  |  | (8.3) |  |  | — |  |  | — |
2019/2020 Actions |  |  |  |  |  |  |  |  |  |  |  |
Severance and related costs |  | 5.1 |  |  | (1.0) |  |  | (4.1) |  |  | — |  |  | — |  |  | — |
Total |  | $ | 5.1 |  |  | $ | 79.4 |  |  | $ | (49.2) |  |  | $ | (8.3) |  |  | $ | .7 |  |  | $ | 27.7 |
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 |
The table below shows the total amount of restructuring charges incurred by reportable segment and Corporate.
(In millions) |  | 2023 |  | 2022 |  | 2021
Restructuring charges by reportable segment and Corporate |  |  |  |  |  |
Materials Group |  | $ | 52.4 |  |  | $ | (1.0) |  |  | $ | 5.0 |
Solutions Group |  | 23.2 |  |  | 7.9 |  |  | 7.6 |
Corporate |  | 3.8 |  |  | .8 |  |  | 1.0 |
Total |  | $ | 79.4 |  |  | $ | 7.7 |  |  | $ | 13.6 |

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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 -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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