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Restructuring

6 Months Ended

Jun. 28, 2020

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

During the Second Quarter of 2020 we continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. The $0.8 million restructuring charge in the Second Quarter of 2020 was predominantly ($0.6 million) the result of further costs associated with the announced closure of Luxfer Gas Cylinders France, including one-time employee benefits, and associated legal and professional fees. There was an additional $0.2 million of one-time employee benefits resulting from actions to reduce our fixed cost-base in light of the COVID-19 pandemic.

Restructuring-related costs included within Restructuring charges in the Condensed Consolidated Financial Statements by reportable segment were as follows:

									Second Quarter																		Year-to-date
			In millions						2020						2019						2020						2019
			Severance and related costs
			Gas Cylinders segment						$	0.8					$	7.7					$	3.4					$	16.6
			Elektron segment						0.1						—						0.1						0.1
			Other						(0.1)						—						0.1						—
									$	0.8					$	7.7					$	3.6					$	16.7
			Asset impairments
			Gas Cylinders segment						$	—					$	0.6					$	—					$	0.6
			Elektron segment						—						4.4						—						4.4
									$	—					$	5.0					$	—					$	5.0
			Total restructuring charges						$	0.8					$	12.7					$	3.6					$	21.7

Activity related to restructuring, recorded in Other current liabilities in the consolidated balance sheets is summarized as follows:

			In millions			2020
			Balance at January 1,			$	6.5
			Costs incurred			3.6
			Cash payments and other			(4.0)
			Balance at June 28,			$	6.1

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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

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