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Restructuring and Other Charges, Net | 3 Months Ended
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Mar. 30, 2025
Restructuring and Other Charges, Net |
Restructuring and Other Charges, Net | 6. 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | First Quarter Ended | ​
​ |  | March 30, |  | March 31, | ​
​ |  | 2025 |  | 2024 |
​ | ​ | (in millions) | ​
Restructuring costs: | ​ | ​ | ​ | ​ | ​ | ​ | ​
2025 France Actions | ​ | $ | 17.4 | ​ | $ | — | ​
Other Actions | ​ |  | (0.1) | ​ |  | 1.2 | ​
Total restructuring charges | ​ | $ | 17.3 | ​ | $ | 1.2 | ​
​ The Company recorded pre-tax restructuring costs in its business segments as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | First Quarter Ended | ​
​ | ​ | March 30, | ​ | March 31, | ​
​ |  | 2025 | ​ | 2024 |
​ | ​ | (in millions) | ​
Americas | ​ | $ | — | ​ | $ | 1.0 | ​
Europe | ​ |  | 17.2 | ​ |  | — | ​
APMEA | ​ |  | 0.1 | ​ |  | 0.2 | ​
Total | ​ | $ | 17.3 | ​ | $ | 1.2 | ​
​ 2025 France Actions ​ On February 3, 2025, the Board of Directors approved a restructuring program with respect to the Company’s operating facilities in Hautvillers, France, within its Europe operating segment. The restructuring program includes the shutdown of the Company’s manufacturing facility in Hautvillers, France and relocation of the facility’s production activities primarily to the Company’s other facilities in France and other locations in Europe. The program is expected to include pre-tax charges totaling approximately $22.0 million, including costs for severance, relocation, clean-up and certain asset write-downs, and result in the elimination of approximately 96 positions at the Hautvillers, France facility. As a result of the facility consolidations, the net headcount reduction in France is expected to be approximately 68 positions. Total net after-tax charges for this restructuring program are expected to be approximately $16.3 million, of which non-cash charges are immaterial, with costs being incurred through the end of 2026, at which time the restructuring program is expected to be completed. The Company expects to spend approximately $1 million in capital expenditures to consolidate operations. Annual pre-tax savings are estimated to be approximately $3.0 million, which the Company expects to fully realize by the end of 2026. ​ 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 2025 France Actions: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Facility | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Legal and | ​ | Asset | ​ | exit | ​ | ​ | ​
​ |  | Severance |  | consultancy |  | write-downs |  | and other |  | Total
​ | ​ | (in millions)
Costs incurred — first quarter 2025 |  | $ | 16.1 |  | $ | 1.1 |  | $ | 0.2 |  | $ | — |  | $ | 17.4
Remaining costs to be incurred | ​ | ​ | 1.9 | ​ | ​ | 0.2 | ​ | ​ | 0.6 | ​ | ​ | 1.9 | ​ | ​ | 4.6
Total expected restructuring costs |  | $ | 18.0 | ​ | $ | 1.3 | ​ | $ | 0.8 | ​ | $ | 1.9 |  | $ | 22.0
​ Details of the restructuring reserve activity for the Company’s 2025 France Actions for the first quarter ended March 30, 2025 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Facility | ​ | ​
​ | ​ | ​ | ​ | ​ | Legal and | ​ | Asset | ​ | exit | ​ | ​ | ​
​ |  | Severance |  | consultancy |  | write-downs |  | and other |  | Total
​ | ​ | (in millions)
Balance at December 31, 2024 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Net pre-tax restructuring charges | ​ | ​ | 16.1 | ​ | ​ | 1.1 | ​ | ​ | 0.2 | ​ | ​ | — | ​ | ​ | 17.4
Utilization and foreign currency impact | ​ | ​ | 1.4 | ​ | ​ | (0.3) | ​ | ​ | (0.2) | ​ | ​ | — | ​ | ​ | 0.9
Balance at March 30, 2025 | ​ | $ | 17.5 | ​ | $ | 0.8 | ​ | $ | — | ​ | $ | — | ​ | $ | 18.3
​ Other Actions ​ The Company periodically initiates other actions which are not part of a major program. Included in “Other Actions” for the quarter ended March 30, 2025, were immaterial cost saving actions, primarily severance costs, in the Europe and APMEA segment. ​ Included in “Other Actions” for the quarter ended March 31, 2024, were immaterial actions primarily taken in the Americas segment related to the approved closure of two facilities and consolidation of the related productions into existing facilities. The facility exits were substantially completed in the fourth quarter of 2023, with one facility exit completed in the first half of 2024.

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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 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
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