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Restructuring

6 Months Ended

Jul. 02, 2023

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

The $2.5 million and $2.8 million restructuring charge in the second quarter and first half, respectively, of 2023 relates predominantly to asset impairments in relation to rationalization of our North American Gas Cylinders businesses to reduce our fixed cost base. This amounted to $2.3 million in both the second quarter and first half of the year respectively. There was an additional $0.1 million and $0.4 million of other expenses in the second quarter and first half respectively, in relation to the aforementioned rationalization.

The $0.3 million and $1.7 million restructuring charge in the second quarter and first half, respectively, of 2022 includes $0.2 million in the second quarter relating to one-time employee termination benefits in the Elektron Division in relation to the consolidation of production facilities in the Magnesium Powders operations. The remaining $0.1 million and $1.4 million for the second quarter and first half, respectively, relates to costs associated with the closure of Luxfer Gas Cylinders France, which ceased operations in 2019.

Restructuring-related costs by reportable segment were as follows:

									Second Quarter												Year-to-date
			In millions						2023						2022						2023						2022
			Severance and other costs
			Gas Cylinders						$	0.2					$	0.1					$	0.5					$	1.5
			Elektron						—						0.2						—						0.2
									$	0.2					$	0.3					0.5						1.7
			Asset impairments
			Gas Cylinders						$	2.3					$	—					$	2.3					$	—
			Total restructuring charges						$	2.5					$	0.3					$	2.8					$	1.7

4.    Restructuring (continued)

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

			In millions			2023
			Balance at January 1,			$	3.7
			Costs incurred			0.5
			Cash payments and other			(0.9)
			Balance at July 2,			$	3.3

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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
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-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
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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

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