Restructuring (Notes)

9 Months Ended

Sep. 26, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure

Restructuring

During fiscal 2019, the company undertook cost reduction initiatives related to the Commercial Foodservice Equipment Group including headcount reductions and facility consolidations. These actions resulted in an additional charge of $0.5 million in the three months ended March 28, 2020. There were no additional expenses incurred in 2020 with respect to such cost reduction initiatives taken during fiscal 2019. These expenses are reflected in restructuring expenses in the Condensed Consolidated Statements of Comprehensive Income. At September 26, 2020, the restructuring obligations for these initiatives were completed with no future expenses expected.

During the second and third quarter of fiscal 2020, due to the COVID-19 pandemic, the company began cost reduction initiatives primarily related to headcount reductions and facility consolidations within the Commercial Foodservice Equipment Group. These actions resulted in a charge of $7.0 million and $8.6 million, in the three and nine months ended September 26, 2020, respectively. These expenses are reflected in restructuring expenses in the Condensed Consolidated Statements of Comprehensive Income. The company estimates that these restructuring initiatives will result in future cost savings of approximately $20.0 million annually. At September 26, 2020, the restructuring obligations accrued for these initiatives is $5.4 million and should substantially be completed by the end of fiscal 2020.

The restructuring expenses for the other segments of the company were not material during the period.