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Restructuring | 6 Months Ended
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Jun. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring | 4. Restructuring 2024 Restructuring Plan. During the quarter, we initiated a plan to exit our soft alloy aluminum extrusion facility located in Sherman, Texas (“2024 Restructuring Plan”). As a result, we recorded a charge of $6.8 million during the quarter consisting of a $4.6 million multiemployer pension obligation which is expected to be paid in 2027 and a $2.2 million charge for severance, related benefits, and other costs, to be substantially paid by December 31, 2024. As of June 30, 2024, the total estimated costs related to the 2024 Restructuring Plan are expected to range from $7.0 million to $10.0 million. The costs are recorded within Restructuring costs in our Statements of Consolidated Income. The following table summarizes activity relating to the 2024 Restructuring Plan liabilities (in millions of dollars):
BALANCE, March 31, 2024 |  | $ | — |
Restructuring costs |  |  | 6.8 |
Costs paid or otherwise settled 1 |  |  | (0.6 | )
BALANCE, June 30, 2024 |  | $ | 6.2 |
1. Cash paid during the quarter ended June 30, 2024 was $0.6 million. 2022 Restructuring Plan. During 2022, we relocated our corporate headquarters from Foothill Ranch, California (“Foothill Ranch”) to Franklin, Tennessee (“Franklin”). In conjunction with the relocation, we initiated a restructuring plan during the quarter ended December 31, 2022, which consisted primarily of employee retention benefits aimed at incentivizing Foothill Ranch employees to assist with the buildout of the new corporate function in Franklin (“2022 Restructuring Plan”). We incurred total restructuring costs of $7.4 million related to the 2022 Restructuring Plan, which consisted of employee-related costs and office rent within Restructuring costs in our Statements of Consolidated Income. We completed the 2022 Restructuring Plan as of June 30, 2024. The following table summarizes activity relating to the 2022 Restructuring Plan liabilities (in millions of dollars):
BALANCE, December 31, 2023 |  | $ | 1.2 |
Restructuring costs |  |  | 0.1 |
Costs paid or otherwise settled 1 |  |  | (1.2 | )
BALANCE, March 31, 2024 |  |  | 0.1 |
Restructuring costs |  |  | — |
Costs paid or otherwise settled 1 |  |  | (0.1 | )
BALANCE, June 30, 2024 |  | $ | — |
1. Cash paid during the quarters ended March 31, 2024 and June 30, 2024 was $1.1 million and $0.1 million, respectively.

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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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