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Restructuring (Tables) | 3 Months Ended
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Mar. 30, 2024
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring Activity | A summary of the changes in the Company's restructuring reserves is shown below (in millions):
Balance at January 1, 2024 | $ | 121.6 |
Provision for employee termination benefits | 48.4 |
Payments, utilizations and foreign currency | (36.4) |
Balance at March 30, 2024 | $ | 133.6 |
Charges recorded in connection with the Company's restructuring actions are shown below (in millions):
| Three Months Ended
| March 30, 2024 |  | April 1, 2023
Employee termination benefits | $ | 48.4 |  |  | $ | 11.7 |
Asset impairments - property, plant and equipment | 0.2 |  |  | 0.1 |
Contract termination costs | 1.1 |  |  | 0.8 |
Other related costs | 3.9 |  |  | 2.0 |
| $ | 53.6 |  |  | $ | 14.6 |
Restructuring charges by income statement line item are shown below (in millions):
| Three Months Ended
| March 30, 2024 |  | April 1, 2023
Cost of sales | $ | 47.6 |  |  | $ | 12.9 |
Selling, general and administrative expenses | 6.0 |  |  | 1.7 |
| $ | 53.6 |  |  | $ | 14.6 |
Restructuring charges by operating segment are shown below (in millions):
| Three Months Ended |  |
| March 30, 2024 |  | April 1, 2023 |  |  |  |
Seating | $ | 43.4 |  |  | $ | 12.0 |  |  |  |  |
E-Systems | 8.4 |  |  | 2.3 |  |  |  |  |
Other | 1.8 |  |  | 0.3 |  |  |  |  |
| $ | 53.6 |  |  | $ | 14.6 |  |  |  |  |

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- Definition Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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