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Restructuring and Other Charges

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

15. Restructuring and Other Charges

Pre-tax restructuring and other charges for the thirty-nine and thirteen weeks ended September 30, 2023 and nine and three months ended September 30, 2022 are shown below.

(In millions)		Thirty-Nine Weeks Ended September 30, 2023												Nine Months Ended September 30, 2022
		Restructuring Charges				Other Charges (Gains) (a)				Total Charges				Restructuring Charges				Other Charges (Gains) (a)				Total Charges
Water		$	1.3			$	0.3			$	1.6			$	3.8			$	0.7			$	4.5
Outdoors			3.1				(0.4	)			2.7				18.4				(6.1	)			12.3
Security			23.8				12.7				36.5				0.5				-				0.5
Corporate			0.7				-				0.7				(0.5	)			0.0				(0.5	)
Total		$	28.9			$	12.6			$	41.5			$	22.2			$	(5.4	)		$	16.8

(a) “Other Charges (Gains)” represent charges directly related to restructuring initiatives that cannot be reported as restructuring under GAAP. Such costs may include losses on disposal of inventories, trade receivables allowances from exiting product lines, accelerated depreciation resulting from the closure of facilities and gains or losses on the sale of previously closed facilities.

Restructuring and other charges (gains) in the thirty-nine weeks ended September 30, 2023 are largely related to costs associated with the planned closure of a manufacturing facility within our Security segment and headcount actions across all segments. Restructuring and other charges (gains) in the nine months ended September 30, 2022 were largely related to severance, asset impairment and other costs associated with plant closures within our Outdoors business and headcount actions across all of our businesses.

(In millions)		Thirteen Weeks Ended September 30, 2023												Three Months Ended September 30, 2022
		Restructuring Charges				Other Charges (Gains) (a)				Total Charges				Restructuring Charges				Other Charges (Gains) (a)				Total Charges
Water		$	-			$	0.1			$	0.1			$	2.9			$	-			$	2.9
Outdoors			-				1.4				1.4				17.7				0.2				17.9
Security			3.7				5.1				8.8				0.5				-				0.5
Corporate			-				-				-				(0.5	)			-				(0.5	)
Total		$	3.7			$	6.6			$	10.3			$	20.6			$	0.2			$	20.8

(a) “Other Charges (Gains)” represent charges directly related to restructuring initiatives that cannot be reported as restructuring under GAAP. Such costs may include losses on disposal of inventories, trade receivables allowances from exiting product lines, accelerated depreciation resulting from the closure of facilities and gains or losses on the sale of previously closed facilities.

Restructuring and other charges (gains) in the thirteen weeks ended September 30, 2023 are largely related to costs associated with the planned closure of a manufacturing facility within our Security segment. Restructuring and other charges in the three months ended September 30, 2022 were largely related to severance, asset impairment and other costs associated with plant closures within our Outdoors business and headcount actions across all our businesses.

Reconciliation of Restructuring Liability

(In millions)		Balance at December 31, 2022				2023  Provision				Cash Expenditures (a)				Non-Cash Write-offs				Balance at September 30, 2023
Workforce reduction costs		$	16.2			$	16.6			$	(16.3	)			0.6			$	17.1
Other			13.5				12.3				(1.3	)			(15.7	)			8.8
Total		$	29.7			$	28.9			$	(17.6	)		$	(15.1	)		$	25.9

(a) Cash expenditures primarily relate to severance charges.

(In millions)		Balance at  December 31, 2021				2022  Provision				Cash Expenditures (a)				Balance at  September 30, 2022
Workforce reduction costs		$	3.2			$	14.0			$	(4.6	)		$	12.6
Other			0.8				8.2				-				9.0
Total		$	4.0			$	22.2			$	(4.6	)		$	21.6

(a) Cash expenditures primarily relate to severance charges.

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- References

No definition available.

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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

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