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Restructuring

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

For the second quarter and six months ended June 30, 2020, the Company recorded restructuring charges of $16.7 million and $24.7 million, respectively, which are presented as restructuring charges in the consolidated statements of operations. These charges were a result of workforce right-sizing actions to better match the Company’s cost structure to expected demand, primarily as a result of economic challenges created by the COVID-19 pandemic. For the second quarter of 2020, these charges are comprised of severance obligations for the elimination of approximately 550 positions for both involuntary reductions and voluntary retirement incentive programs related to both salary and hourly employees in the HPMC segment. For the six months ended June 30, 2020, these charges also include severance obligations for the reduction of approximately 90 positions for a voluntary retirement incentive program completed in the first quarter of 2020 for eligible salaried employees, building on the previously announced restructuring program in the fourth quarter of 2019.

Reserves for restructuring charges at June 30, 2020 consist of severance costs incurred in the fourth quarter 2019 and the first half of 2020, which are expected to be substantially paid by mid-2021. Restructuring reserves activity is as follows:

			Severance and Employee
			Benefit Costs
Balance at December 31, 2019			$	4.5
Additions			24.7
Payments			(2.8)
Balance at June 30, 2020			$	26.4

Of this $26.4 million restructuring reserve balance at June 30, 2020, $25.6 million is recorded in other current liabilities and $0.8 million is recorded in other long-term liabilities on the consolidated balance sheet.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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