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Restructuring and Other Charges, Net | 9 Months Ended
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Sep. 25, 2022
Restructuring and Other Charges, Net |
Restructuring and Other Charges, Net | 5. Restructuring and Other Charges, Net ​ The Company’s Board of Directors approves all major restructuring programs that may involve the discontinuance of significant product lines or the shutdown of significant facilities. From time to time, the Company takes additional restructuring actions, including involuntary terminations that are not part of a major program. The Company accounts for these costs in the period in which the liability is incurred. These costs are included in restructuring charges in the Company’s consolidated statements of operations. ​ A summary of the pre-tax cost by restructuring program is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Third Quarter Ended | ​ | Nine Months Ended | ​
​ |  | September 25, |  | September 26, |  | September 25, |  | September 26, | ​
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
​ | ​ | (in millions) | ​
Restructuring costs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2021 France Actions | ​ | $ | 0.4 | ​ | $ | 0.9 | ​ | $ | 2.7 | ​ | $ | 18.9 | ​
Other Actions | ​ |  | 1.3 | ​ |  | — | ​ |  | 1.7 | ​ |  | (0.7) | ​
Total restructuring charges | ​ | $ | 1.7 | ​ | $ | 0.9 | ​ | $ | 4.4 | ​ | $ | 18.2 | ​
​ The Company recorded pre-tax restructuring costs in its business segments as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Third Quarter Ended | ​ | Nine Months Ended | ​
​ | ​ | September 25, | ​ | September 26, | ​ | September 25, | ​ | September 26, | ​
​ |  | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021 |
​ | ​ | (in millions) | ​
Americas | ​ | $ | 0.4 | ​ | $ | — | ​ | $ | 0.8 | ​ | $ | (0.7) | ​
Europe | ​ |  | 1.3 | ​ |  | 0.9 | ​ |  | 3.7 | ​ |  | 18.8 | ​
APMEA | ​ |  | — | ​ |  | — | ​ |  | (0.1) | ​ |  | 0.1 | ​
Total | ​ | $ | 1.7 | ​ | $ | 0.9 | ​ | $ | 4.4 | ​ | $ | 18.2 | ​
​ 2021 France Actions ​ On June 25, 2021, the Board of Directors approved a restructuring program with respect to the Company’s operating facilities in France, within its Europe operating segment. The restructuring program includes the shutdown of the Company’s manufacturing facility in Méry, France and the consolidation of that facility’s operations primarily into the Company’s facilities in Virey-le-Grand and Hautvillers, France. The total pre-tax restructuring charges associated with the program were initially estimated to be approximately $26.3 million. As of September 25, 2022, the Company’s estimate of total expected pre-tax charges for the program was approximately $24.2 million, of which $22.4 million was incurred program-to-date. The adjustments to the estimated total expected charges primarily related to estimates for severance, social charges and outplacement costs. The total expected charges include costs for employee severance, relocation of equipment, clean-up of the facility and certain asset write-downs, and resulted in the elimination of approximately 80 positions at the Méry, France facility. As a result of the facility consolidation, the net headcount reduction in France was approximately 40 positions. Total net after-tax charges for this restructuring program are expected to be approximately $18.0 million (including approximately $1.5 million in non-cash charges), with costs being incurred through the end of 2022, at which time the restructuring program is expected to be completed. The Company spent approximately $0.6 million in capital expenditures to consolidate operations. In the fourth quarter of 2022, the Company received cash proceeds from the sale of the manufacturing facility of approximately $4.3 million and will recognize a pre-tax gain on sale of approximately $1.8 million. Annual cash savings, net of tax, are estimated to be approximately $3.0 million, which the Company expects to fully realize by 2023. ​ The following table summarizes by type, the total expected, incurred and remaining pre-tax restructuring costs for the Company’s restructuring program related to the 2021 France Actions: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Facility | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Legal and | ​ | Asset | ​ | exit | ​ | ​ | ​
​ |  | Severance |  | consultancy |  | write-downs |  | and other |  | Total
​ | ​ | (in millions)
Costs incurred — 2021 |  | $ | 16.9 |  | $ | 0.9 |  | $ | 0.9 |  | $ | 1.0 |  | $ | 19.7
Costs incurred—first quarter 2022 | ​ | ​ | 0.2 | ​ | ​ | 0.1 | ​ | ​ | 0.4 | ​ | ​ | 0.3 | ​ | ​ | 1.0
Costs incurred—second quarter 2022 | ​ | ​ | 0.6 | ​ | ​ | 0.1 | ​ | ​ | 0.4 | ​ | ​ | 0.2 | ​ | ​ | 1.3
Costs incurred—third quarter 2022 | ​ | ​ | 0.3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.1 | ​ | ​ | 0.4
Remaining costs to be incurred | ​ | ​ | 1.7 | ​ | ​ | 0.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1.8
Total expected restructuring costs |  | $ | 19.7 | ​ | $ | 1.2 | ​ | $ | 1.7 | ​ | $ | 1.6 |  | $ | 24.2
​ Details of the restructuring reserve activity for the Company’s 2021 France Actions for the period ended September 25, 2022 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Facility | ​ | ​
​ | ​ | ​ | ​ | ​ | Legal and | ​ | Asset | ​ | exit | ​ | ​ | ​
​ |  | Severance |  | consultancy |  | write-downs |  | and other |  | Total
​ | ​ | (in millions)
Balance at December 31, 2021 | ​ | $ | 9.9 | ​ | $ | 0.2 | ​ | $ | — | ​ | $ | 0.5 | ​ | $ | 10.6
Net pre-tax restructuring charges | ​ | ​ | 0.2 | ​ | ​ | 0.1 | ​ | ​ | 0.4 | ​ | ​ | 0.3 | ​ | ​ | 1.0
Utilization and foreign currency impact | ​ | ​ | (4.7) | ​ | ​ | (0.1) | ​ | ​ | (0.4) | ​ | ​ | (0.3) | ​ | ​ | (5.5)
Balance at March 27, 2022 | ​ | $ | 5.4 | ​ | $ | 0.2 | ​ | $ | — | ​ | $ | 0.5 | ​ | $ | 6.1
Net pre-tax restructuring charges | ​ | ​ | 0.6 | ​ | ​ | 0.1 | ​ | ​ | 0.4 | ​ | ​ | 0.2 | ​ | ​ | 1.3
Utilization and foreign currency impact | ​ | ​ | (2.0) | ​ | ​ | (0.2) | ​ | ​ | (0.4) | ​ | ​ | (0.5) | ​ | ​ | (3.1)
Balance at June 26, 2022 | ​ | $ | 4.0 | ​ | $ | 0.1 | ​ | $ | — | ​ | $ | 0.2 | ​ | $ | 4.3
Net pre-tax restructuring charges | ​ | ​ | 0.3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.1 | ​ | ​ | 0.4
Utilization and foreign currency impact | ​ | ​ | (3.2) | ​ | ​ | (0.1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3.3)
Balance at September 25, 2022 | ​ | $ | 1.1 | ​ | $ | — | ​ | $ | — | ​ | $ | 0.3 | ​ | $ | 1.4
​ Other Actions ​ The Company periodically initiates other actions which are not part of a major program. Included in “Other Actions” for the third quarter and nine months ended September 25, 2022 were immaterial actions primarily taken in the Americas segment and Europe segment. In the third quarter and nine months ended September 25, 2022, $0.9 million of restructuring charges were recognized associated with cost saving actions in the Europe segment and related to severance and other costs. An additional $0.7 million of facility exit charges related to the decommissioning of machinery at one of the Company’s facilities in the Americas is expected to be incurred in the fourth quarter of 2022.

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