Restructuring and other strategic initiatives (Tables)

3 Months Ended

Mar. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Costs

Overall costs associated with our restructuring and other strategic initiatives have been recognized in the condensed consolidated statements as set forth below. Expenses incurred in relation to certain of these actions qualify as restructuring expenses under U.S. GAAP.

	Three months ended
(dollars in millions)	March 30, 2024		April 1, 2023
Restructuring expenses:
—Severance (income) expense	$	(0.6)	$	4.1
—Non-severance labor and benefit expenses	—		0.3
—Consulting expenses	1.0		0.5
—Other net restructuring expenses	0.8		0.6
Total restructuring expenses	$	1.2	$	5.5
Expenses related to other strategic initiatives:
—Severance expenses included in cost of sales	$	—	$	0.5
—Severance expenses included in SG&A	0.1		0.6
Total expenses related to other strategic initiatives	$	0.1	$	1.1

These expenses include the impairment of inventory, which is recognized in cost of sales. Analyzed by segment, our restructuring expenses were as follows:

	Three months ended
(dollars in millions)	March 30, 2024		April 1, 2023
Power Transmission	$	0.3	$	4.7
Fluid Power	0.9		0.8
Continuing operations	$	1.2	$	5.5

Schedule of Restructuring Reserves Activity

The following summarizes the reserve for restructuring expenses for the three months ended March 30, 2024 and April 1, 2023, respectively:

	Three months ended
(dollars in millions)	March 30, 2024		April 1, 2023
Balance as of the beginning of the period	$	5.1	$	7.5
Utilized during the period	(2.7)		(6.7)
Charge for the period	1.9		5.6
Released during the period	(0.7)		(0.1)
Foreign currency translation	(0.1)		—
Balance as of the end of the period	$	3.5	$	6.3