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Restructuring | 6 Months Ended
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Jun. 29, 2025
Restructuring and Related Activities [Abstract] |
Restructuring | Restructuring The $2.0 million and $2.1 million restructuring charge in the second quarter and first six months, respectively, of 2025 predominantly relates to costs aimed at reducing our fixed cost structure and generating savings through enhanced operational alignment, in particular to reduce the footprint in our North American Gas Cylinders division. As part of this initiative, we recognized an accelerated depreciation charge of $1.7 million related to property, plant and equipment in the second quarter and first six months of 2025, in accordance with ASC 360. This was triggered by a strategic decision to relocate operations, resulting in the affected assets no longer being used for their original intended length of time. The $1.1 million and $1.8 million restructuring charge in the second quarter and first six months, respectively, of 2024 also relate to continued costs aimed at reducing our fixed cost structure and realigning our business. Restructuring-related costs by reportable segment were as follows:
|  |  | Second Quarter |  | Year-to-date |
| In millions |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
| Severance and other costs |  |  |  |  |  |  |  |  |
| Gas Cylinders |  | $ | 0.3 |  |  | $ | 1.1 |  |  | $ | 0.4 |  |  | $ | 1.6 |  |
| Elektron |  | — |  |  | — |  |  | — |  |  | 0.2 |  |
|  |  | $ | 0.3 |  |  | $ | 1.1 |  |  | $ | 0.4 |  |  | $ | 1.8 |  |
| Accelerated depreciation charges |  |  |  |  |  |  |  |  |
| Gas Cylinders |  | $ | 1.7 |  |  | $ | — |  |  | $ | 1.7 |  |  | $ | — |  |
|  |  | $ | 1.7 |  |  | $ | — |  |  | $ | 1.7 |  |  | $ | — |  |
| Total restructuring charges |  | $ | 2.0 |  |  | $ | 1.1 |  |  | $ | 2.1 |  |  | $ | 1.8 |  |
4. Restructuring (continued) Activity related to restructuring, recorded in Other current liabilities in the consolidated balance sheets is summarized as follows:
| In millions | 2025 |  |  |
| Balance at January 1, | $ | 0.2 |  |  |  |
| Costs incurred | 0.4 |  |  |  |
| Cash payments and other | (0.6) |  |  |  |
| Balance at June 29, | $ | — |  |  |  |

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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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