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Restructuring Accruals | 9 Months Ended
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Sep. 30, 2023
Restructuring Accruals |
Restructuring Accruals | 6. Restructuring Accruals Selected information related to the restructuring accruals for the three months ended September 30, 2023 and 2022 is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Employee | ​ | Asset | ​ | Other | ​ | Total
​ |  | Costs | ​ | Impairment | ​ | Exit Costs | ​ | Restructuring
Balance at July 1, 2023 | ​ | $ | 11 | ​ | $ | — | ​ | $ | 6 | ​ | $ | 17
Charges | ​ | ​ | 28 | ​ | ​ | 43 | ​ | ​ | 7 | ​ | ​ | 78
Write-down of assets to net realizable value | ​ | ​ | ​ | ​ | ​ | (43) | ​ | ​ | ​ | ​ | ​ | (43)
Net cash paid, principally severance and other exit costs | ​ |  | (11) | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (11)
Other, including foreign exchange translation | ​ |  | (3) | ​ | ​ | ​ | ​ | ​ | (1) | ​ |  | (4)
Balance at September 30, 2023 | ​ | $ | 25 | ​ | $ | — | ​ | $ | 12 | ​ | $ | 37
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Employee | ​ | Asset | ​ | Other | ​ | Total
​ | ​ | Costs | ​ | Impairment | ​ | Exit Costs | ​ | Restructuring
Balance at July 1, 2022 | ​ | $ | 17 | ​ | $ | — | ​ | $ | 15 | ​ | $ | 32
Charges | ​ | ​ | 3 | ​ | ​ | 6 | ​ | ​ | 1 | ​ | ​ | 10
Write-down of assets to net realizable value | ​ | ​ | ​ | ​ | ​ | (6) | ​ | ​ | ​ | ​ | ​ | (6)
Net cash paid, principally severance and related benefits | ​ |  | (2) | ​ | ​ | ​ | ​ | ​ | (4) | ​ |  | (6)
Other, including foreign exchange translation | ​ | ​ | (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1)
Balance at September 30, 2022 | ​ | $ | 17 | ​ | $ | — | ​ | $ | 12 | ​ | $ | 29
​ Selected information related to the restructuring accruals for the nine months ended September 30, 2023 and 2022 is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Employee | ​ | Asset | ​ | Other | ​ | Total
​ | ​ | Costs | ​ | Impairment | ​ | Exit Costs | ​ | Restructuring
Balance at January 1, 2023 | ​ | $ | 17 | ​ | $ | — | ​ | $ | 10 | ​ | $ | 27
Charges | ​ | ​ | 28 | ​ | ​ | 43 | ​ | ​ | 7 | ​ | ​ | 78
Write-down of assets to net realizable value | ​ | ​ | ​ | ​ | ​ | (43) | ​ | ​ | ​ | ​ | ​ | (43)
Net cash paid, principally severance and related benefits | ​ |  | (17) | ​ | ​ | ​ | ​ | ​ | (4) | ​ |  | (21)
Other, including foreign exchange translation | ​ |  | (3) | ​ | ​ | ​ | ​ | ​ | (1) | ​ |  | (4)
Balance at September 30, 2023 | ​ | $ | 25 | ​ | $ | — | ​ | $ | 12 | ​ | $ | 37
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Employee | ​ | Asset | ​ | Other | ​ | Total
​ | ​ | Costs | ​ | Impairment | ​ | Exit Costs | ​ | Restructuring
Balance at January 1, 2022 | ​ | $ | 20 | ​ | $ | — | ​ | $ | 11 | ​ | $ | 31
Charges | ​ | ​ | 6 | ​ | ​ | 7 | ​ | ​ | 8 | ​ | ​ | 21
Write-down of assets to net realizable value | ​ | ​ | ​ | ​ | ​ | (7) | ​ | ​ | ​ | ​ | ​ | (7)
Net cash paid, principally severance and related benefits | ​ |  | (7) | ​ | ​ | ​ | ​ | ​ | (7) | ​ | ​ | (14)
Other, including foreign exchange translation | ​ |  | (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2)
Balance at September 30, 2022 | ​ | $ | 17 | ​ | $ | — | ​ | $ | 12 | ​ | $ | 29
​ When a decision is made to take restructuring actions, the Company manages and accounts for them programmatically apart from the ongoing operations of the business. Information related to major programs is presented separately, while minor initiatives are presented on a combined basis. As of September 30, 2023 and 2022, no major restructuring programs were in effect. For the three and nine months ended September 30, 2023, the Company implemented several discrete restructuring initiatives and recorded restructuring and other charges of $78 million. These charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas ($77 million) and Europe ($1 million) segments. These restructuring charges were discrete actions and are expected to approximate the total cumulative costs for those actions as no significant additional costs are expected to be incurred. For the three and nine months ended September 30, 2023, these charges were recorded to Other income (expense), net on the Condensed Consolidated Results of Operations. The Company expects that the majority of the remaining cash expenditures related to the accrued employee and other exit costs will be paid out over the next several years. For the three and nine months ended September 30, 2022, the Company implemented several discrete restructuring initiatives and recorded restructuring and other charges of $10 million and $21 million, respectively. These charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs (including related consulting costs attributed to restructuring of managed services activities) at a number of the Company’s locations in the Americas and Europe. These restructuring charges were discrete actions and are expected to approximate the total cumulative costs for those actions as no significant additional costs are expected to be incurred. For the three and nine months ended September 30, 2022, these charges were recorded to Other income (expense), net on the Condensed Consolidated Results of Operations. The Company expects that the majority of the remaining cash expenditures related to the accrued employee and other exit costs will be paid out over the next several years. The Company’s decisions to curtail selected production capacity have resulted in write-downs of certain long-lived assets to the extent their carrying value exceeded fair value or fair value less cost to sell. The Company classified the assumptions used to determine the fair value of the impaired assets in the period that the measurement was taken as Level 3 (third-party appraisal) in the fair value hierarchy as set forth in the general accounting principles for fair value measurements. For the asset impairments recorded through September 30, 2023, the remaining carrying value of the impaired assets was $0.

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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 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: 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 Reference 5: 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 + Details
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