XML 43 R22.htm IDEA: XBRL DOCUMENT
v3.25.0.1

COST REDUCTION ACTIONS | 12 Months Ended
--- | ---
Dec. 28, 2024
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. 2025 Actions In the fourth quarter 2024, we recorded $13.1 million in restructuring charges related to our 2025 actions. These charges consisted of severance and related costs for the reduction of approximately 90 positions, as well as asset impairment charges, at numerous locations across our company, reflecting actions in our Solutions Group reportable segment. 2023 Actions During 2024, we recorded $28.8 million in restructuring charges, net of reversals, related to our 2023 actions. These charges consisted of severance and related costs for the reduction of approximately 1,280 positions, as well as asset impairment charges, at numerous locations across our company. During 2023, we recorded $49.0 million in restructuring charges, net of reversals, related to these actions. These charges consisted of severance and related costs for the reduction of approximately 1,450 positions, as well as asset impairment charges, at numerous locations across our company. 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. We recorded $30.4 million in 2023 in restructuring charges related to the 2023 Plan. The activities related to the 2023 Plan are expected to be substantially completed by mid-2025. 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 2024, restructuring charges and payments were as follows:
(In millions) |  | Accrual at December 30, 2023 |  | Charges, Net of Reversals |  | Cash Payments |  | Non-cash Impairment |  | Foreign Currency Translation |  | Accrual at December 28, 2024
2025 Actions |  |  |  |  |  |  |  |  |  |  |  |
Severance and related costs |  | $ | — |  |  | $ | 10.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10.0 |
Asset impairment charges |  | — |  |  | 3.1 |  |  | — |  |  | (3.1) |  |  | — |  |  | — |
2023 Actions |  |  |  |  |  |  |  |  |  |  |  |
Severance and related costs |  | 27.7 |  |  | 25.4 |  |  | (43.3) |  |  | — |  |  | (.6) |  |  | 9.2 |
Asset impairment charges |  | — |  |  | 3.0 |  |  | — |  |  | (3.0) |  |  | — |  |  | — |
Lease cancellation costs |  | — |  |  | .4 |  |  | (.6) |  |  | — |  |  | — |  |  | (.2) |
Total |  | $ | 27.7 |  |  | $ | 41.9 |  |  | $ | (43.9) |  |  | $ | (6.1) |  |  | $ | (.6) |  |  | $ | 19.0 |
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 |
The table below shows the total amount of restructuring charges incurred by reportable segment and Corporate.
(In millions) |  | 2024 |  | 2023 |  | 2022
Restructuring charges by reportable segment and Corporate |  |  |  |  |  |
Materials Group |  | $ | 5.7 |  |  | $ | 52.4 |  |  | $ | (1.0) |
Solutions Group |  | 35.8 |  |  | 23.2 |  |  | 7.9 |
Corporate |  | .4 |  |  | 3.8 |  |  | .8 |
Total |  | $ | 41.9 |  |  | $ | 79.4 |  |  | $ | 7.7 |

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: 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 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration