XML 38 R27.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Restructuring and impairment charges (Tables)
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Summary Of Current Cost Estimates By Major Type Of Cost Table
The following table provides a summary of our estimates of restructuring and restructuring related charges by major type of expense associated with the 2024 Footprint realignment plan:
Total estimated amount expected to be incurred
Program expense estimates:
Restructuring charges (1)
$16 million to $20 million
Restructuring related charges (2)
$21 million to $26 million
Total restructuring and restructuring related charges
$37 million to $46 million
(1)Substantially all of the charges consist of employee termination benefit costs.
(2)Consists of pre-tax charges related to accelerated depreciation and other costs directly related to the plan, primarily project management costs and costs to relocate manufacturing operations and support functions to the new locations. Substantially all of the charges are expected to be recognized within costs of goods sold.
The following table provides a summary of our estimates of restructuring and restructuring related charges by major type of expense associated with the 2023 Footprint realignment plan:
Total estimated amount expected to be incurred
Program expense estimates:
Restructuring charges (1)
$4 million to $6 million
Restructuring related charges (2)
$7 million to $9 million
Total restructuring and restructuring related charges
$11 million to $15 million
(1) Substantially all of the charges consist of employee termination benefit costs.
(2) Restructuring related charges represent costs that are directly related to the 2023 Footprint realignment plan and principally constitute costs to transfer manufacturing operations to existing lower-cost locations and project management costs. Substantially all of these charges are expected to be recognized within cost of goods sold.
Restructuring and Other Impairment Charges
Restructuring and impairment charges recognized for the three and six months ended June 30, 2024 and July 2, 2023 consisted of the following:
Three Months Ended June 30, 2024
Termination Benefits
Other Costs (1)
Total
2024 Footprint realignment plan$8,572 $— $8,572 
2023 Restructuring plan(974)36 (938)
2023 Footprint realignment plan588 1 589 
Other restructuring programs (2)
(373)5 (368)
Restructuring charges$7,813 $42 $7,855 
Three Months Ended July 2, 2023
Termination Benefits
Other Costs (1)
Total
2022 Restructuring plan$984 $138 $1,122 
Respiratory divestiture plan127 — 127 
Other restructuring programs (3)
73 186 259 
Restructuring charges$1,184 $324 $1,508 
Six Months Ended June 30, 2024
Termination Benefits
Other Costs (1)
Total
2024 Footprint realignment plan$8,572 $— $8,572 
2023 Restructuring plan(818)82 (736)
2023 Footprint realignment plan743 3 746 
Other restructuring programs (2)
(208)30 (178)
Restructuring charges8,289 115 8,404 
Asset impairment charges— 2,110 2,110 
Restructuring and impairment charges$8,289 $2,225 $10,514 
Six Months Ended July 2, 2023
Termination Benefits
Other Costs (1)
Total
2022 Restructuring plan$3,117 $211 $3,328 
Respiratory divestiture plan255 12 267 
Other restructuring programs (3)
(241)375 134 
Restructuring charges$3,131 $598 $3,729 
(1) Other costs include facility closure, contract termination and other exit costs.
(2) Includes activity primarily related to our 2022 Restructuring plan, which has concluded.
(3) Includes activity primarily related to our 2014, 2018, and 2019 Footprint realignment plans, all of which have concluded.