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Restructuring and Other Items, net | 6 Months Ended
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Jul. 02, 2023
Restructuring and Other Items, net [Abstract] |
Restructuring and Other Items, net | Note 5. Restructuring and Other Items, net In the second quarter of 2023, the Company initiated a restructuring and cost savings program to further streamline our cost structure as a result of organizational efficiencies gained through our recent resegmentation. As a result, the Company recorded a charge of $6.6 million for restructuring and other charges related to severance and other costs. The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income and the segment they relate to:
|  | Three Months Ended |  |  | Six Months Ended |
(in millions of dollars) |  | Jul. 2, 2023 |  |  | Jul. 3, 2022 |  |  | Jul. 2, 2023 |  |  | Jul. 3, 2022 |
Consumer & Specialties |  | $ | 0.6 |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | — |
Engineered Solutions |  |  | 3.2 |  |  |  | — |  |  |  | 3.2 |  |  |  | — |
Corporate |  |  | 2.8 |  |  |  | — |  |  |  | 2.8 |  |  |  | — |
Total restructuring and other items, net |  | $ | 6.6 |  |  | $ | — |  |  | $ | 6.6 |  |  | $ | — |
At July 2, 2023, the Company had $6.6 million included within other current 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 by end of the second quarter of 2024. The following table is a reconciliation of our restructuring liability balance as of July 2, 2023:
(in millions of dollars) |  |  |
Restructuring liability, December 31, 2022 |  | $ | — |
Additional provision |  |  | 6.6 |
Cash payments |  |  | — |
Restructuring liability, July 2, 2023 |  | $ | 6.6 |

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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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