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RESTRUCTURING CHARGES AND OTHER COSTS
 9 Months Ended
Sep. 28, 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 September 28, 2024 is as follows: 
(Millions of Dollars)December 30,
2023		Net AdditionsUsageCurrencySeptember 28,
2024
Severance and related costs$25.8 $40.5 $(35.7)$(0.2)$30.4 
Facility closures and other3.1 26.4 (26.0)— 3.5 
Total$28.9 $66.9 $(61.7)$(0.2)$33.9 
For the three and nine months ended September 28, 2024, the Company recognized net restructuring charges of $22.1 million and $66.9 million, respectively, primarily related to severance costs and facility closure charges. The majority of the $33.9 million of reserves remaining as of September 28, 2024 is expected to be utilized within the next 12 months.
Segments: The $66.9 million of net restructuring charges for the nine months ended September 28, 2024 includes: $55.6 million in the Tools & Outdoor segment; $6.4 million in the Industrial segment; and $4.9 million in Corporate.
The $22.1 million of net restructuring charges for the three months ended September 28, 2024 includes: $21.0 million in the Tools & Outdoor segment and $1.1 million in the Industrial segment.
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 $86.4 million and $94.0 million for the three months ended September 28, 2024 and September 30, 2023, respectively. The year-over-year decrease is primarily driven by lower write-downs on investments. Other, net amounted to $392.9 million and $224.3 million for the nine months ended September 28, 2024 and September 30, 2023, respectively. The year-over-year increase is primarily driven by an environmental remediation reserve adjustment relating to the Centredale site as further discussed in Note O, Contingencies.
During 2024, the Company continued its brand prioritization and investment strategy for its major brands, while leveraging certain of its specialty brands in a more focused manner. As a result of these ongoing brand prioritization efforts, and in connection with the preparation of its financial statements for the quarter ended September 28, 2024, the Company tested its indefinite-lived trade names for impairment utilizing a discounted cash flow valuation 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 Lenox trade name. The Company recognized a $41.0 million pre-tax, non-cash impairment charge related to this trade name in the third quarter of 2024. Subsequent to this impairment charge, the Lenox carrying value totaled $115.0 million. The Company intends to continue utilizing this trade name indefinitely, which represented approximately 2% of 2023 net sales for the Tools & Outdoor segment. In the third quarter of 2023, the Company recognized a $124.0 million pre-tax, non-cash impairment charge related to the Irwin and Troy-Bilt trade names. Refer to the Company’s Annual Report on Form 10-K for the year ended December 30, 2023 for further information.