XML 30 R24.htm IDEA: XBRL DOCUMENT
v3.24.3

Restructuring and Other Charges | 9 Months Ended
--- | ---
Sep. 28, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Other Charges | 15. Restructuring and Other Charges Pre-tax restructuring and other charges (gains) for the thirty-nine and thirteen weeks ended September 28, 2024 and September 30, 2023 are shown below.
(In millions) |  | Thirty-Nine Weeks Ended September 28, 2024 |  |  | Thirty-Nine Weeks Ended September 30, 2023 |
|  | Restructuring Charges |  |  | Other Charges (Gains) (a) |  |  | Total Charges |  |  | Restructuring Charges |  |  | Other Charges (Gains) (a) |  |  | Total Charges |
Water |  | $ | 4.9 |  |  | $ | 2.4 |  |  | $ | 7.3 |  |  | $ | 1.3 |  |  | $ | 0.3 |  |  | $ | 1.6 |
Outdoors |  |  | 4.9 |  |  |  | 13.8 |  |  |  | 18.7 |  |  |  | 3.1 |  |  |  | (0.4 | ) |  |  | 2.7 |
Security |  |  | 3.1 |  |  |  | 7.7 |  |  |  | 10.8 |  |  |  | 23.8 |  |  |  | 12.7 |  |  |  | 36.5 |
Corporate |  |  | 1.2 |  |  |  | - |  |  |  | 1.2 |  |  |  | 0.7 |  |  |  | - |  |  |  | 0.7 |
Total |  | $ | 14.1 |  |  | $ | 23.9 |  |  | $ | 38.0 |  |  | $ | 28.9 |  |  | $ | 12.6 |  |  | $ | 41.5 |
(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 28, 2024 are largely related to a product-line rationalization within our Outdoors segment, costs associated with the previously announced closure of a manufacturing facility within our Security segment and headcount actions across all segments. Restructuring and other charges (gains) in the thirty-nine weeks ended September 30, 2023 largely relate to costs associated with the closure of a manufacturing facility within our Security segment.
(In millions) |  | Thirteen Weeks Ended September 28, 2024 |  |  | Thirteen Weeks Ended September 30, 2023 |
|  | Restructuring Charges |  |  | Other Charges (Gains) (a) |  |  | Total Charges |  |  | Restructuring Charges |  |  | Other Charges (Gains) (a) |  |  | Total Charges |
Water |  | $ | 3.4 |  |  | $ | 1.6 |  |  | $ | 5.0 |  |  | $ | - |  |  | $ | 0.1 |  |  | $ | 0.1 |
Outdoors |  |  | 2.4 |  |  |  | 1.4 |  |  |  | 3.8 |  |  |  | - |  |  |  | 1.4 |  |  |  | 1.4 |
Security |  |  | 0.8 |  |  |  | 0.5 |  |  |  | 1.3 |  |  |  | 3.7 |  |  |  | 5.1 |  |  |  | 8.8 |
Corporate |  |  | 0.8 |  |  |  | - |  |  |  | 0.8 |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 7.4 |  |  | $ | 3.5 |  |  | $ | 10.9 |  |  | $ | 3.7 |  |  | $ | 6.6 |  |  | $ | 10.3 |
(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 28, 2024 are largely related to costs associated with headcount actions across all segments, a product line rationalization within our Outdoors segment, and the previously announced closure of a manufacturing facility within our Security segment. Restructuring and other charges (gains) in the thirteen weeks ended September 30, 2023 relate to costs associated with the 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 and Other |  |  | Balance at September 28, 2024 |
Workforce reduction costs |  | $ | 14.6 |  |  | $ | 10.9 |  |  | $ | (16.5 | ) |  |  | (0.2 | ) |  | $ | 8.8 |
Other |  |  | 7.1 |  |  |  | 3.2 |  |  |  | (1.7 | ) |  |  | (0.4 | ) |  |  | 8.2 |
Total |  | $ | 21.7 |  |  | $ | 14.1 |  |  | $ | (18.2 | ) |  | $ | (0.6 | ) |  | $ | 17.0 |
(a) Cash expenditures primarily relate to severance charges.
(In millions) |  | Balance at December 31, 2022 |  |  | 2023 Provision |  |  | Cash Expenditures (a) |  |  | Non-Cash Write-offs and Other |  |  | 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.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: 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 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration