Business Restructuring |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Restructuring | Business Restructuring The Company records restructuring liabilities that represent charges incurred in connection with consolidations of certain operations, including operations from acquisitions, as well as headcount reduction programs. These charges consist primarily of severance costs and certain other cash costs. As a result of these programs, the Company will also incur incremental non-cash accelerated depreciation expense for certain assets due to their reduced expected asset life. These charges are not allocated to the Company’s reportable business segments. Refer to Note 20, “Reportable Business Segment Information” for additional information. In the fourth quarter 2021, the Company approved business restructuring actions related to recent acquisitions targeting further consolidation of our manufacturing footprint and headcount reductions. The majority of these restructuring actions are expected to be completed by the end of 2023. In the second quarter 2020, the Company approved a business restructuring plan which included actions to reduce its global cost structure. The program addressed weakened global economic conditions stemming from COVID-19 and related pace of recovery in a few end-use markets along with further opportunities to optimize supply chain and functional costs. In the second quarter 2019, the Company approved a business restructuring plan which included actions to reduce its global cost structure. The remaining actions of the 2020 and 2019 restructuring programs are expected to be completed in 2022. In the second quarter 2018, the Company approved a business restructuring plan which included actions to reduce its global cost structure. Substantially all actions from this business restructuring plan have been completed. The following table summarizes restructuring reserve activity for the years ended December 31, 2021 and 2020:
(a)Certain releases were recorded to reflect the current estimate of costs to complete planned business restructuring actions.
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