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Restructuring

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

During 2020, 2019 and 2018, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business.

In 2020, there was a further $7.5 million of costs in relation to the closure of Luxfer Gas Cylinders' French site. It is expected that there will be further costs incurred in 2021. In response to uncertain global economic conditions, we undertook actions to reduce the Company's cost structure and improve operating efficiency. These actions included a workforce reduction program resulting in $1.4 million of severance -related charges, of which $0.4 million and $0.9 million was incurred in the Gas Cylinders and Elektron segment respectively, and $0.1 million Other.

In 2019, there was $20.1 million of costs in relation to the closure of Luxfer Gas Cylinders' French site. Within the Elektron segment, there was $4.6 million of asset write-downs and one-time employee benefits, following the decision to scale down production at one of our Luxfer Magtech sites. There were other simplification costs incurred of $1.2 million across both segments.

In 2018, the restructuring charge included an other-than-temporary impairment and employee severance charges in the Gas Cylinders segment in relation to the Company's announcement that it was under consultation to close its French site. Within the Elektron segment, there have been asset write-downs in connection to the closure of our Luxfer Graphic Arts site in Findlay, OH, with consolidation of operations in Madison, IL; and the previously announced closure of our Luxfer Magtech site in Riverhead, NY.

Restructuring related costs included in Restructuring charges in the Consolidated statement of income / (loss) are as follows:

									Years ended December 31,
			In millions						2020						2019						2018
			Severance and related costs						$	(8.9)					$	(20.9)					$	(6.5)
			Asset impairment						—						(5.0)						(6.8)
			Other						—						—						0.1
			Total restructuring charges						$	(8.9)					$	(25.9)					$	(13.2)

Other restructuring costs primarily consist of various contract termination and revision costs as well as legal costs.

4.    Restructuring (continued)

Restructuring costs by reportable segment were as follows:

									Years ended December 31,
			In millions						2020						2019						2018
			Gas Cylinders segment						$	(7.9)					$	(20.7)					$	(9.8)
			Elektron segment						(0.9)						(5.2)						(3.4)
			Other						$	(0.1)					$	—					$	—
			Total restructuring charges						$	(8.9)					$	(25.9)					$	(13.2)

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

			In millions			2020						2019
			Balance at January 1,			$	6.5					$	5.2
			Costs incurred			8.9						20.9
			Cash payments and other			(6.4)						(19.6)
			Balance at December 31,			$	9.0					$	6.5

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- References

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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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