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Restructuring and Other Charges
 3 Months Ended
Mar. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other Charges

15. Restructuring and Other Charges

Pre-tax restructuring and other charges (gains) for the thirteen weeks ended March 30, 2024 and April 1, 2023 are shown below.

 

(In millions)

 

March 30, 2024

 

 

April 1, 2023

 

 

 

Restructuring
Charges

 

 

Other
Charges (Gains) (a)

 

 

Total
Charges

 

 

Restructuring
Charges

 

 

Other
Charges (Gains) (a)

 

 

Total
Charges

 

Water

 

$

0.4

 

 

$

(0.5

)

 

$

(0.1

)

 

$

0.2

 

 

$

0.1

 

 

$

0.3

 

Outdoors

 

 

0.5

 

 

 

3.0

 

 

 

3.5

 

 

 

1.5

 

 

 

—

 

 

 

1.5

 

Security

 

 

1.6

 

 

 

6.0

 

 

 

7.6

 

 

 

0.7

 

 

 

—

 

 

 

0.7

 

Corporate

 

 

0.3

 

 

 

—

 

 

 

0.3

 

 

 

0.7

 

 

 

—

 

 

 

0.7

 

Total

 

$

2.8

 

 

$

8.5

 

 

$

11.3

 

 

$

3.1

 

 

$

0.1

 

 

$

3.2

 

 

(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) for the thirteen weeks ended March 30, 2024 are largely related to costs associated with the previously announced planned closure of a manufacturing facility within our Security segment, a product line rationalization within our Outdoors segment and headcount actions across all segments. Restructuring and other charges (gains) for the thirteen weeks ended April 1, 2023 were largely related to severance costs associated with the relocation of manufacturing facilities in the Outdoors segment and headcount actions across all segments.

Reconciliation of Restructuring Liability

(In millions)

 

Balance at
December 30, 2023

 

 

2024
 Provision

 

 

Cash
Expenditures (a)

 

 

Non-Cash
Write-offs

 

 

Balance at
March 30, 2024

 

Workforce reduction costs

 

$

14.6

 

 

$

1.7

 

 

$

(9.1

)

 

$

(0.2

)

 

$

7.0

 

Other

 

 

7.1

 

 

 

1.1

 

 

 

(0.5

)

 

 

(0.2

)

 

 

7.5

 

Total

 

$

21.7

 

 

$

2.8

 

 

$

(9.6

)

 

$

(0.4

)

 

$

14.5

 

(a) Cash expenditures primarily relate to severance charges.

 

(In millions)

 

Balance at
December 31, 2022

 

 

2023
 Provision

 

 

Cash
Expenditures (a)

 

 

Non-Cash
Write-offs

 

 

Balance at
April 1, 2023

 

Workforce reduction costs

 

$

16.2

 

 

$

2.3

 

 

$

(11.1

)

 

$

0.7

 

 

$

8.1

 

Other

 

 

13.5

 

 

 

0.8

 

 

 

(0.7

)

 

 

(13.6

)

 

 

—

 

Total

 

$

29.7

 

 

$

3.1

 

 

$

(11.8

)

 

$

(12.9

)

 

$

8.1

 
(a) Cash expenditures primarily relate to severance charges.