|12 Months Ended|
Dec. 28, 2019
|Restructuring and Related Activities [Abstract]|
The Company incurs restructuring charges related to cost optimization of business activities, primarily related to severance and employee-related benefits. Of the $24.6 million of restructuring charges recognized during 2019, $13.8 million was reflected within "selling, general and administrative expenses" and $10.8 million within "costs of goods sold" in the statements of income. Of the $20.4 million of restructuring charges recognized during 2018, $9.1 million was reflected within "selling, general and administrative expenses" and $11.3 million within "cost of goods sold." Of the $9.5 million of restructuring charges recognized during 2017, $6.5 million was reflected within "selling, general and administrative expenses" and $3.0 million within "cost of goods sold."
All of the $2.2 million total restructuring accrual reported in the Company's balance sheet at December 2019 is expected to be paid out within the next 12 months and is classified within "accrued liabilities." Of the $23.2 million total restructuring accrual at December 2018, $21.2 million was classified within "accrued liabilities" and the remaining $2.0 million to be paid out beyond the next 12 months was classified within "other liabilities."
The following table presents the components of restructuring charges:
The following table presents the restructuring charges by business segment:
The following table presents activity in the restructuring accrual for the periods ending December 2019 and December 2018:
The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef