Restructuring

6 Months Ended

Jul. 03, 2022

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

In the first quarter of 2022, the Company took restructuring actions designed to increase efficiency. There were no restructuring charges incurred in the second quarter of 2022 or June year-to-date 2021.

Restructuring costs incurred in the first quarter of 2022 totaled $1.7 million and were recorded entirely in SG&A expenses in the consolidated statements of earnings, as detailed below (in millions of dollars):

	Severance Costs		Lease Termination Costs		Total
Professional & Industrial	$	0.1	$	0.2	$	0.3
Education	0.4		—		0.4
Outsourcing & Consulting	0.2		—		0.2
Corporate	0.8		—		0.8
Total	$	1.5	$	0.2	$	1.7

A summary of the global restructuring balance sheet accrual, included in accrued payroll and related taxes and accounts payable and accrued liabilities in the consolidated balance sheet, is detailed below (in millions of dollars):

Balance as of year-end 2021	$	2.9
Additions charged to Professional & Industrial	0.3
Additions charged to Outsourcing & Consulting	0.2
Additions charged to Education	0.4
Additions charged to Corporate	0.8
Reductions for cash payments related to all restructuring activities	(2.0)
Balance as of first quarter-end 2022	2.6
Reductions for cash payments related to all restructuring activities	(1.1)
Accrual adjustments	(0.2)
Balance as of second quarter-end 2022	$	1.3

The remaining balance of $1.3 million as of second quarter-end 2022 primarily represents severance costs, and the majority is expected to be paid by year-end 2022. No material adjustments are expected to be recorded.