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Restructuring | 3 Months Ended
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Mar. 31, 2025
Restructuring and Related Activities [Abstract] |
Restructuring | 4. Restructuring 2025 Restructuring Plan. During the quarter ended March 31, 2025, we initiated a plan to reduce certain operating costs (“2025 Restructuring Plan”). Through March 31, 2025, we have recorded a charge of $1.8 million for severance and related benefits, to be substantially paid by September 30, 2025. As of March 31, 2025, the total estimated costs related to the 2025 Restructuring Plan are expected to range from $2.0 million to $3.0 million. The costs are recorded within Restructuring costs in our Statements of Consolidated Income. The following table summarizes activity relating to the 2025 Restructuring Plan liabilities (in millions of dollars):
BALANCE, December 31, 2024 |  | $ | — |
Restructuring costs |  |  | 1.8 |
Costs paid or otherwise settled 1 |  |  | (1.3 | )
BALANCE, March 31, 2025 |  | $ | 0.5 |
1. Cash paid during the quarter ended March 31, 2025 w as $1.3 million. 2024 Restructuring Plan. During the quarter ended June 30, 2024, we initiated a plan to exit our soft alloy aluminum extrusion facility located in Sherman, Texas (“2024 Restructuring Plan”). Through March 31, 2025, we have recorded a charge of $7.5 million, consisting of a $4.6 million multiemployer pension obligation which is expected to be paid in 2027 and a $2.9 million charge for severance, related benefits, and other costs. Substantially all of the costs associated with the restructuring efforts initiated under the 2024 Restructuring Plan were incurred and expensed as of December 31, 2024. 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, December 31, 2024 |  | $ | 4.7 |
Restructuring costs |  |  | — |
Costs paid or otherwise settled 1 |  |  | (0.1 | )
BALANCE, March 31, 2025 |  | $ | 4.6 |
1. Cash paid during the quarter ended March 31, 2025 was $0.1 million.

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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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