v3.24.2
Restructuring and other strategic initiatives (Tables)
 6 Months Ended
Jun. 29, 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 endedSix months ended
(dollars in millions)
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Restructuring expenses:
—Severance expense (income)$0.1 $0.3 $(0.5)$4.4 
—Non-severance labor and benefit expenses0.1 0.5 0.1 0.8 
—Consulting expenses0.5 0.4 1.5 0.9 
—Other net restructuring expenses 0.9 1.0 1.7 1.6 
Total restructuring expenses$1.6 $2.2 $2.8 $7.7 
Expenses related to other strategic initiatives:
—Severance expenses included in cost of sales— — — 0.5 
—Severance expenses included in SG&A— 0.3 0.1 0.9 
Total expenses related to other strategic initiatives$— $0.3 $0.1 $1.4 
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 endedSix months ended
(dollars in millions)
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Power Transmission$0.5 $1.0 $0.8 $5.7 
Fluid Power1.1 1.2 2.0 2.0 
Continuing operations$1.6 $2.2 $2.8 $7.7 
Schedule of Restructuring Reserves Activity
The following summarizes the reserve for restructuring expenses for the six months ended June 29, 2024 and July 1, 2023, respectively:
Six months ended
(dollars in millions)
June 29,
2024		July 1,
2023
Balance as of the beginning of the period$5.1 $7.5 
Utilized during the period(5.4)(8.3)
Charge for the period3.5 8.1 
Released during the period(0.7)(0.4)
Foreign currency translation(0.1)0.1 
Balance as of the end of the period$2.4 $7.0