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RESTRUCTURING CHARGES

12 Months Ended

Dec. 28, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES

A summary of the restructuring reserve activity from December 30, 2023 to December 28, 2024 is as follows:

(Millions of Dollars)			December 30, 2023						Net Additions						Usage						Currency						December 28, 2024
Severance and related costs			$	25.8					$	49.0					$	(50.3)					$	0.8					$	25.3
Facility closures and other			3.1						50.9						(33.9)						—						20.1
Total			$	28.9					$	99.9					$	(84.2)					$	0.8					$	45.4

During 2024, the Company recognized net restructuring charges of $99.9 million, primarily related to severance and facility closures associated with the supply chain transformation.

The majority of the $45.4 million of reserves remaining as of December 28, 2024 is expected to be utilized within the next 12 months.

Segments: The $99.9 million of net restructuring charges for the year ended December 28, 2024 includes: $84.0 million pertaining to the Tools & Outdoor segment; $7.7 million pertaining to the Industrial segment; and $8.2 million pertaining to Corporate.

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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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-Topic 420
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
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-Paragraph 1
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