Restructuring

6 Months Ended

Jun. 29, 2025

Restructuring and Related Activities [Abstract]

The $2.0 million and $2.1 million restructuring charge in the second quarter and first six months, respectively, of 2025 predominantly relates to costs aimed at reducing our fixed cost structure and generating savings through enhanced operational alignment, in particular to reduce the footprint in our North American Gas Cylinders division. As part of this initiative, we recognized an accelerated depreciation charge of $1.7 million related to property, plant and equipment in the second quarter and first six months of 2025, in accordance with ASC 360. This was triggered by a strategic decision to relocate operations, resulting in the affected assets no longer being used for their original intended length of time.

The $1.1 million and $1.8 million restructuring charge in the second quarter and first six months, respectively, of 2024 also relate to continued costs aimed at reducing our fixed cost structure and realigning our business.

Restructuring-related costs by reportable segment were as follows:


	Second Quarter				Year-to-date
In millions	2025		2024		2025		2024
Severance and other costs
Gas Cylinders	$	0.3	$	1.1	$	0.4	$	1.6
Elektron	—		—		—		0.2

	$	0.3	$	1.1	$	0.4	$	1.8
Accelerated depreciation charges
Gas Cylinders	$	1.7	$	—	$	1.7	$	—


	$	1.7	$	—	$	1.7	$	—

Total restructuring charges	$	2.0	$	1.1	$	2.1	$	1.8

4. Restructuring (continued)

Activity related to restructuring, recorded in Other current liabilities in the consolidated balance sheets is summarized as follows:


In millions	2025
Balance at January 1,	$	0.2
Costs incurred	0.4
Cash payments and other	(0.6)
Balance at June 29,	$	—