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Restructuring and Other Charges | 6 Months Ended
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Jun. 29, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Other Charges | 15. Restructuring and Other Charges Pre-tax restructuring and other charges (gains) for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 are shown below.
(In millions) |  | Twenty-Six Weeks Ended June 29, 2024 |  |  | Twenty-Six Weeks Ended July 1, 2023 |
|  | Restructuring Charges |  |  | Other Charges (Gains) (a) |  |  | Total Charges |  |  | Restructuring Charges |  |  | Other Charges (Gains) (a) |  |  | Total Charges |
Water |  | $ | 1.6 |  |  | $ | 0.9 |  |  | $ | 2.5 |  |  | $ | 1.3 |  |  | $ | 0.2 |  |  | $ | 1.5 |
Outdoors |  |  | 2.5 |  |  |  | 12.4 |  |  |  | 14.9 |  |  |  | 3.0 |  |  |  | (1.7 | ) |  |  | 1.3 |
Security |  |  | 2.2 |  |  |  | 7.2 |  |  |  | 9.4 |  |  |  | 20.2 |  |  |  | 7.5 |  |  |  | 27.7 |
Corporate |  |  | 0.4 |  |  |  | - |  |  |  | 0.4 |  |  |  | 0.7 |  |  |  | - |  |  |  | 0.7 |
Total |  | $ | 6.7 |  |  | $ | 20.5 |  |  | $ | 27.2 |  |  | $ | 25.2 |  |  | $ | 6.0 |  |  | $ | 31.2 |
(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.
(In millions) |  | Thirteen Weeks Ended June 29, 2024 |  |  | Thirteen Weeks Ended July 1, 2023 |
|  | Restructuring Charges |  |  | Other Charges (Gains) (a) |  |  | Total Charges |  |  | Restructuring Charges |  |  | Other Charges (Gains) (a) |  |  | Total Charges |
Water |  | $ | 1.1 |  |  | $ | 1.4 |  |  | $ | 2.5 |  |  | $ | 1.1 |  |  | $ | 0.1 |  |  | $ | 1.2 |
Outdoors |  |  | 2.1 |  |  |  | 9.4 |  |  |  | 11.5 |  |  |  | 1.5 |  |  |  | (1.7 | ) |  |  | (0.2 | )
Security |  |  | 0.6 |  |  |  | 1.2 |  |  |  | 1.8 |  |  |  | 19.6 |  |  |  | 7.5 |  |  |  | 27.1 |
Corporate |  |  | 0.1 |  |  |  | - |  |  |  | 0.1 |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 3.9 |  |  | $ | 12.0 |  |  | $ | 15.9 |  |  | $ | 22.2 |  |  | $ | 5.9 |  |  | $ | 28.1 |
(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 twenty-six and thirteen weeks ended June 29, 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 in the twenty-six and thirteen weeks ended July 1, 2023 are largely related to costs associated with the planned closure of a manufacturing facility within our Security segment. Reconciliation of Restructuring Liability
(In millions) |  | Balance at December 30, 2023 |  |  | 2024 Provision |  |  | Cash Expenditures (a) |  |  | Non-Cash Write-offs |  |  | Balance at June 29, 2024 |
Workforce reduction costs |  | $ | 14.6 |  |  | $ | 4.4 |  |  | $ | (12.8 | ) |  |  | (0.2 | ) |  | $ | 6.0 |
Other |  |  | 7.1 |  |  |  | 2.3 |  |  |  | (1.5 | ) |  |  | (0.5 | ) |  |  | 7.4 |
Total |  | $ | 21.7 |  |  | $ | 6.7 |  |  | $ | (14.3 | ) |  | $ | (0.7 | ) |  | $ | 13.4 |
(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 July 1, 2023 |
Workforce reduction costs |  | $ | 16.2 |  |  | $ | 14.2 |  |  | $ | (14.1 | ) |  | $ | 0.7 |  |  | $ | 17.0 |
Other |  |  | 13.5 |  |  |  | 11.0 |  |  |  | (1.1 | ) |  |  | (14.3 | ) |  |  | 9.1 |
Total |  | $ | 29.7 |  |  | $ | 25.2 |  |  | $ | (15.2 | ) |  | $ | (13.6 | ) |  | $ | 26.1 |
(a) Cash expenditures primarily relate to severance charges.

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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 + Details
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