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RESTRUCTURING CHARGES AND OTHER COSTS | 6 Months Ended
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Jun. 29, 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 June 29, 2024 is as follows:
(Millions of Dollars) | December 30, 2023 |  | Net Additions |  | Usage |  | Currency |  | June 29, 2024
Severance and related costs | $ | 25.8 |  |  | $ | 37.4 |  |  | $ | (24.3) |  |  | $ | 0.5 |  |  | $ | 39.4 |
Facility closures and other | 3.1 |  |  | 7.4 |  |  | (7.6) |  |  | — |  |  | 2.9 |
Total | $ | 28.9 |  |  | $ | 44.8 |  |  | $ | (31.9) |  |  | $ | 0.5 |  |  | $ | 42.3 |
For the three and six months ended June 29, 2024, the Company recognized net restructuring charges of $29.8 million and $44.8 million, respectively, primarily related to severance. The majority of the $42.3 million of reserves remaining as of June 29, 2024 is expected to be utilized within the next 12 months. Segments: The $44.8 million of net restructuring charges for the six months ended June 29, 2024 includes: $34.6 million in the Tools & Outdoor segment; $5.3 million in the Industrial segment; and $4.9 million in Corporate. The $29.8 million of net restructuring charges for the three months ended June 29, 2024 includes: $27.6 million in the Tools & Outdoor segment; $0.4 million of net reversals in the Industrial segment; and $2.6 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 $226.5 million and $66.6 million for the three months ended June 29, 2024 and July 1, 2023, respectively. Other, net amounted to $306.5 million and $130.3 million for the six months ended June 29, 2024 and July 1, 2023, respectively. The year-over-year increases are primarily driven by an environmental remediation reserve adjustment relating to the Centredale site as further discussed in Note O, Contingencies.

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