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Restructuring and Other Items | 9 Months Ended
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Sep. 28, 2025
Restructuring and Other Items [Abstract] |
Restructuring and Other Items | Note 4. Restructuring and Other Items In the second quarter of 2025, the Company recorded a $5.8 million charge in restructuring and other items for the write-down of assets and other charges relating to the consolidation of two facilities. In the first quarter of 2025, the Company initiated a cost savings program, primarily through workforce reductions, and recorded a charge of $5.5 million for severance and other related costs associated with this program. The following table outlines the amount of restructuring charges recorded within the Condensed Consolidated Statements of Income (Loss) and the segment they relate to:
| Three Months Ended |  | Nine Months Ended
|  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | Sep. 28, |  |  |  | Sep. 29, |
(in millions of dollars) |  | 2025 |  |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |
Write-down of assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties | $ | - |  |  | $ | - |  |  | $ | 1.7 |  |  | $ | - |
Engineered Solutions |  | - |  |  |  | - |  |  |  | 1.7 |  |  |  | - |
Total charge for asset write-downs | $ | - |  |  | $ | - |  |  | $ | 3.4 |  |  | $ | - |
Severance and other related costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties | $ | - |  |  | $ | - |  |  | $ | 4.1 |  |  | $ | - |
Engineered Solutions |  | - |  |  |  | - |  |  |  | 1.6 |  |  |  | - |
Corporate |  | - |  |  |  | - |  |  |  | 2.2 |  |  |  | - |
Total severance and other related costs | $ | - |  |  | $ | - |  |  | $ | 7.9 |  |  | $ | - |
Total restructuring and other items | $ | - |  |  | $ | - |  |  | $ | 11.3 |  |  | $ | - |
At September 28, 2025, the Company had $5.9 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 within the next twelve months. The following table is a reconciliation of our restructuring liability balance relating to workforce reductions as of September 28, 2025:
(in millions of dollars) |  |  |
Restructuring liability, December 31, 2024 | $ | 2.4 |
Additional provisions |  | 5.5 |
Cash payments |  | (2.0 | )
Restructuring liability, September 28, 2025 | $ | 5.9 |

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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 S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: 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 + Details
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