Restructuring, Asset Impairments and Other, Net

3 Months Ended

Apr. 02, 2021

Restructuring Charges [Abstract]

Restructuring, Asset Impairments and Other, Net

Note 4: Restructuring, Asset Impairments and Other, Net

Details of restructuring, asset impairments and other charges, net are as follows (in millions):        

	Restructuring		Asset Impairments		Other		Total
Quarter ended April 2, 2021
2021 Involuntary Separation Program	$	33.0	$	—	$	—	$	33.0
Other	—		3.2		6.3		9.5
Total	$	33.0	$	3.2	$	6.3	$	42.5

A summary of changes in accrued restructuring from December 31, 2020 to April 2, 2021 is as follows (in millions):

	As of						As of
	December 31, 2020		Charges		Usage		April 2, 2021
Employee separation charges	$	6.2	$	33.0	$	(11.4)	$	27.8
Total	$	6.2	$	33.0	$	(11.4)	$	27.8

2021 Involuntary Separation Program

On March 4, 2021, as part of its ongoing efforts to realign its investments to focus on growth drivers and key markets and to streamline its operations, the Company announced its plans to implement certain employee terminations during the first half of 2021 (the "ISP"). Under the ISP, the Company expects to terminate the employment of approximately 740 employees and incur severance costs and other benefits between $58 million and $62 million.

During the quarter ended April 2, 2021, the Company notified approximately 500 employees of their employment termination, and incurred severance costs and other benefits amounting to $33.0 million, pursuant to the ISP. As of April 2, 2021, $26.5 million of such severance costs and benefits remained accrued and, based on the exit dates of the notified employees, is expected to be paid during the second quarter of 2021. The remaining employees are expected to be notified, and the corresponding severance costs will be incurred, during the second quarter of 2021.

The Company continues to evaluate employee positions and locations for potential efficiencies and may incur additional severance and related charges in the future.