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RESTRUCTURING CHARGES | 9 Months Ended
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Oct. 02, 2021
Restructuring and Related Activities [Abstract] |
RESTRUCTURING CHARGES | RESTRUCTURING CHARGES A summary of the restructuring reserve activity from January 2, 2021 to October 2, 2021 is as follows:
(Millions of Dollars) | January 2, 2021 |  | Net Additions |  | Usage |  | Currency |  | October 2, 2021
Severance and related costs | $ | 87.5 |  |  | $ | 5.9 |  |  | $ | (49.9) |  |  | $ | 2.0 |  |  | $ | 45.5 |
Facility closures and asset impairments | 2.7 |  |  | 16.2 |  |  | (15.3) |  |  | — |  |  | 3.6 |
Total | $ | 90.2 |  |  | $ | 22.1 |  |  | $ | (65.2) |  |  | $ | 2.0 |  |  | $ | 49.1 |
For the three and nine months ended October 2, 2021, the Company recognized net restructuring charges of $5.8 million and $22.1 million, respectively, primarily related to severance and facility-related costs. The majority of the $49.1 million of reserves remaining as of October 2, 2021 is expected to be utilized within the next 12 months. Segments: The $22 million of net restructuring charges for the nine months ended October 2, 2021 includes: $7 million pertaining to the Tools & Storage segment; $2 million pertaining to the Industrial segment; $9 million pertaining to the Security segment; and $4 million pertaining to Corporate. The $6 million of net restructuring charges for the three months ended October 2, 2021 includes: $1 million of net reversals pertaining to the Tools & Storage segment; $5 million pertaining to the Security segment; and $2 million pertaining to Corporate.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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