XML 39 R28.htm IDEA: XBRL DOCUMENT v3.24.3
Restructuring and impairment charges (Tables)
 9 Months Ended
Sep. 29, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other Impairment Charges
Restructuring and impairment charges recognized for the three and nine months ended September 29, 2024 and October 1, 2023 consisted of the following:
Three Months Ended September 29, 2024
Termination Benefits
Other Costs (1)
Total
2024 Footprint realignment plan$1,066 $27 $1,093 
2023 Restructuring plan(95)— (95)
2023 Footprint realignment plan301 — 301 
Other restructuring programs (2)
(1,018)4 (1,014)
Restructuring charges$254 $31 $285 
Three Months Ended October 1, 2023
Termination Benefits
Other Costs (1)
Total
2023 Footprint realignment plan$1,296 $— $1,296 
2022 Restructuring plan244 102 346 
Respiratory divestiture plan(851)5 (846)
Other restructuring programs (3)
(612)47 (565)
Restructuring charges$77 $154 $231 
Nine Months Ended September 29, 2024
Termination Benefits
Other Costs (1)
Total
2024 Footprint realignment plan$9,638 $27 $9,665 
2023 Restructuring plan(914)82 (832)
2023 Footprint realignment plan1,044 3 1,047 
Other restructuring programs (2)
(1,225)34 (1,191)
Restructuring charges8,543 146 8,689 
Asset impairment charges— 2,110 2,110 
Restructuring and impairment charges$8,543 $2,256 $10,799 
Nine Months Ended October 1, 2023
Termination Benefits
Other Costs (1)
Total
2023 Footprint realignment plan$1,296 $— $1,296 
2022 Restructuring plan3,361 313 3,674 
Respiratory divestiture plan(596)17 (579)
Other restructuring programs (3)
(853)422 (431)
Restructuring charges$3,208 $752 $3,960 
(1) Other costs include facility closure, contract termination and other exit costs.
(2) Includes activity primarily related to a restructuring plan initiated in the fourth quarter of 2022 that was designed to improve operating performance and position the organization to deliver long-term durable growth by creating efficiencies that align with our high growth strategic objectives (the "2022 Restructuring plan"), which has concluded.
(3) Includes activity primarily related to a restructuring plan initiated in the first quarter of 2022 that was designed to relocate manufacturing operations at certain of our facilities (the "2022 Manufacturing relocation plan") and our 2014, 2018, and 2019 Footprint realignment plans.
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.