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RESTRUCTURING CHARGES AND OTHER COSTS | 6 Months Ended
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Jul. 01, 2023
Restructuring and Related Activities [Abstract] |
RESTRUCTURING CHARGES AND OTHER COSTS | RESTRUCTURING CHARGES AND OTHER COSTS A summary of the restructuring reserve activity from December 31, 2022 to July 1, 2023 is as follows:
(Millions of Dollars) | December 31, 2022 |  | Net Additions |  | Usage |  | Currency |  | July 1, 2023
Severance and related costs | $ | 57.0 |  |  | $ | 7.0 |  |  | $ | (39.0) |  |  | $ | (0.3) |  |  | $ | 24.7 |
Facility closures and asset impairments | 5.3 |  |  | 9.7 |  |  | (12.0) |  |  | — |  |  | 3.0 |
Total | $ | 62.3 |  |  | $ | 16.7 |  |  | $ | (51.0) |  |  | $ | (0.3) |  |  | $ | 27.7 |
For the three and six months ended July 1, 2023, the Company recognized net restructuring charges of $4.6 million related to facility closures and $16.7 million, primarily related to severance and facility closures, respectively. The majority of the $27.7 million of reserves remaining as of July 1, 2023 is expected to be utilized within the next 12 months. Segments: The $17 million of net restructuring charges for the six months ended July 1, 2023 includes: $10 million in the Tools & Outdoor segment; $1 million in the Industrial segment; and $6 million in Corporate. The $5 million of net restructuring charges for the three months ended July 1, 2023 includes: $3 million in the Tools & Outdoor segment; $2 million of net reversals in the Industrial segment; and $4 million in Corporate. Other, net is primarily comprised of intangible asset amortization expense, currency-related gains or losses, environmental remediation expense, deal costs and related consulting costs, and certain pension gains or losses. Other, net amounted to $66.6 million and $79.1 million for the three months ended July 1, 2023 and July 2, 2022, respectively. Other, net amounted to $130.3 million and $141.1 million for the six months ended July 1, 2023 and July 2, 2022, respectively. The year-over-year decreases are primarily due to income related to providing transition services to previously divested businesses.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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