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Restructuring and Other Items, net | 9 Months Ended
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Sep. 27, 2020
Restructuring and Other Items, net [Abstract] |
Restructuring and Other Items, net | Note 5. Restructuring and Other Items, net During the second quarter of 2019, the Company initiated a restructuring and cost savings program to better align our costs and organizational structure with the current market environment. The Company recorded a $7.5 million non-cash impairment of assets charge related to facilities no longer operating and underutilization of certain equipment, and $5.7 million in other restructuring costs in the second quarter of 2019. In June 2020, Verso Papers announced they would be idling two of their paper mills indefinitely. As a result, the Company recorded a non-cash write-down of assets charge of $6.0 million and $0.3 million in severance related costs for its Paper PCC satellite facilities at these mills. The Company also recorded lease termination costs at one of the closed mills. In August 2020, Domtar Corporation announced that they will permanently shut down their previously idled paper machine at their mill in Ashdown, Arkansas. As a result, the Company recorded a non-cash asset write-down of $1.1 million for its Paper PCC satellite facility at this mill. The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income and the segments they relate to for the three and nine-months ending September 27, 2020 and September 29, 2019:
|  | Three Months Ended |  |  | Nine Months Ended |
(millions of dollars) |  | Sep. 27, 2020 |  |  | Sep. 29, 2019 |  |  | Sep. 27, 2020 |  |  | Sep. 29, 2019 |
Asset Write-Downs |  |  |  |  |  |  |  |  |  |  |  |
Performance Materials |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4.2 |
Specialty Minerals |  |  | 1.1 |  |  |  | — |  |  |  | 7.1 |  |  |  | 1.6 |
Energy Services |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.7 |
Total charge for asset write-down |  | $ | 1.1 |  |  | $ | — |  |  | $ | 7.1 |  |  | $ | 7.5 |
Severance and other related costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performance Materials |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2.8 |
Specialty Minerals |  |  | 0.3 |  |  |  | — |  |  |  | 0.6 |  |  |  | 0.9 |
Refractories |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.8 |
Energy Services |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.1 |
Corporate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.1 |
Total severance and other related costs |  | $ | 0.3 |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | 5.7 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |
Total restructuring and other items, net |  | $ | 1.5 |  |  | $ | — |  |  | $ | 8.0 |  |  | $ | 13.2 |
At September 27, 2020, the Company had $4.1 million included within accrued liabilities in the Condensed Consolidated Balance Sheet for cash expenditures needed to satisfy remaining obligations under workforce reduction initiatives. The Company expects to pay these amounts over the next 12 months. The following table is a reconciliation of our restructuring liability balance as of September 27, 2020:
(millions of dollars) |  |  |
Restructuring liability, December 31, 2019 |  | $ | 5.0 |
Additional provision |  |  | 0.3 |
Cash payments |  |  | (1.2 | )
Restructuring liability, September 27, 2020 |  | $ | 4.1 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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