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RESTRUCTURING CHARGES AND OTHER COSTS | 9 Months Ended
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Sep. 30, 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 September 30, 2023 is as follows:
(Millions of Dollars) | December 31, 2022 |  | Net Additions |  | Usage |  | Currency |  | September 30, 2023
Severance and related costs | $ | 57.0 |  |  | $ | 13.4 |  |  | $ | (47.1) |  |  | $ | 0.2 |  |  | $ | 23.5 |
Facility closures and asset impairments | 5.3 |  |  | 14.2 |  |  | (17.1) |  |  | — |  |  | 2.4 |
Total | $ | 62.3 |  |  | $ | 27.6 |  |  | $ | (64.2) |  |  | $ | 0.2 |  |  | $ | 25.9 |
For the three and nine months ended September 30, 2023, the Company recognized net restructuring charges of $10.9 million and $27.6 million, respectively, primarily related to severance and facility closures. The majority of the $25.9 million of reserves remaining as of September 30, 2023 is expected to be utilized within the next 12 months. Segments: The $28 million of net restructuring charges for the nine months ended September 30, 2023 includes: $20 million in the Tools & Outdoor segment; $1 million in the Industrial segment; and $7 million in Corporate. The $11 million of net restructuring charges for the three months ended September 30, 2023 includes: $10 million in the Tools & Outdoor segment and $1 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 $94.0 million and $69.1 million for the three months ended September 30, 2023 and October 1, 2022, respectively. Other, net amounted to $224.3 million and $210.2 million for the nine months ended September 30, 2023 and October 1, 2022, respectively. The year-over-year increases are driven by higher pension and environmental costs as well as write-downs on certain investments, partially offset by income related to providing transition services to previously divested businesses. During the third quarter of 2023, as a result of new leadership within the Tools & Outdoor segment, the Company reviewed its brand portfolio resulting in a decision to shift prioritization and investment to its major brands, while leveraging certain of its specialty brands in a more focused manner. As a result of this shift in brand prioritization, and in connection with the preparation of its financial statements for the quarter ended September 30, 2023, the Company tested its indefinite-lived trade names for impairment utilizing a discounted cash flow model. The key assumptions used included discount rates, royalty rates, and perpetual growth rates applied to updated sales projections. The Company determined that the fair values of its indefinite-lived trade names exceeded their respective carrying amounts, with the exception of the Irwin and Troy-Bilt trade names. The Company recognized a $124.0 million pre-tax, non-cash impairment charge related to these trade names in the third quarter of 2023. Subsequent to this impairment charge, the carrying value of the Irwin and Troy-Bilt trade names totaled $113.0 million. The Company intends to continue utilizing these trade names, which represented approximately 5% of 2022 net sales for the Tools & Outdoor segment, indefinitely in more focused product categories and end markets.

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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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