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RESTRUCTURING CHARGES AND OTHER COSTS

3 Months Ended

Mar. 30, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING CHARGES AND OTHER COSTS

RESTRUCTURING CHARGES AND OTHER COSTS

A summary of the restructuring reserve activity from December 30, 2023 to March 30, 2024 is as follows: 

(Millions of Dollars)			December 30, 2023						Net Additions						Usage						Currency						March 30, 2024
Severance and related costs			$	25.8					$	13.3					$	(6.6)					$	0.4					$	32.9
Facility closures and other			3.1						1.7						(3.4)						—						1.4
Total			$	28.9					$	15.0					$	(10.0)					$	0.4					$	34.3

For the three months ended March 30, 2024, the Company recognized net restructuring charges of $15.0 million primarily related to severance. The majority of the $34.3 million of reserves remaining as of March 30, 2024 is expected to be utilized within the next 12 months.

Segments: The $15.0 million of net restructuring charges for the three months ended March 30, 2024 includes: $7.0 million in the Tools & Outdoor segment; $5.7 million in the Industrial segment; and $2.3 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 $80.0 million and $63.7 million for the three months ended March 30, 2024 and April 1, 2023, respectively. The year-over-year increase was primarily driven by higher environmental costs, write-downs on certain investments, and lower 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.

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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
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-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
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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