Restructuring Charges (Notes)

6 Months Ended

Jul. 01, 2021

Restructuring Costs [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

Restructuring Costs

The Company's results of operations for both the three and six months ended July 1, 2021 and July 2, 2020 include restructuring costs related to actions the Company has taken to align costs to updated production levels that have been directed by the Company's customers (restructuring activity). Largely beginning in the first quarter of year 2020, the Company's customers, including Boeing and Airbus, significantly reduced their overall production rates as a result of the COVID-19 pandemic and, in the case of Boeing, the B737 MAX grounding. The restructuring activity materially affected the scope of operations and manner in which business is conducted by the Company compared to periods prior to the restructuring activities.

Restructuring costs are presented separately as a component of operating loss on the Condensed Consolidated Statements of Operations. The total restructuring costs of $5.2 and $7.3 for the three and six months ended July 1, 2021, respectively, largely includes cost related to McAlester and San Antonio site closures. For the three and six months ended July 2, 2020, total restructuring costs of $6.3 and $48.9, respectively, were comprised of $4.9 and $36.4, respectively, related to involuntary workforce reductions and $1.4 and $12.5, respectively, related to a VRP.

Of the $7.3 total restructuring cost for the six months ended July 1, 2021, $4.0 was paid during the six-month period ended July 1, 2021 and the remaining $3.3 is recorded in the accrued expenses line item on the balance sheet as of July 1, 2021.

The costs of the restructuring plan are included in segment operating margins. The total amount for the three and six month period ended July 1, 2021 for each segment was $0.9 and $2.7, respectively, for the Fuselage Systems Segment, $0.0 and $(0.2), respectively, for the Propulsion Systems Segment, and $4.3 and $4.8, respectively, for the Wing Systems Segment. The total amount for the three and six month period ended July 2, 2020 for each segment was $2.4 and $32.5, respectively, for the Fuselage Systems Segment, $1.6 and $10.4, respectively, for the Propulsion Systems Segment, and $2.3 and $6.0, respectively, for the Wing Systems Segment.