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Subsequent Event | 9 Months Ended
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Sep. 28, 2024
Subsequent Events [Abstract] |
Subsequent Event | 18. Subsequent Events Defined Benefit Plan Annuitization In October 2024, the Company entered into two agreements with an insurance company to purchase group annuity contracts and to transfer approximatel y $272 million of pension plan obligations and related assets of two of its defined benefit pension plans, the MasterLock Pension Plan and the Moen Incorporated Pension Plan (collectively, the "Plans"). The purchase of the group annuity contracts by the Company closed on October 15, 2024 and November 4, 2024, respectively. The contracts cover approximately 4,100 participants and beneficiaries (the “Transferred Participants”). All Transferred Participants will continue to receive their benefits from the Plans until January 1, 2025, at which time the insurance company will begin paying and administering the retirement benefits of the Transferred Participants. The transactions result in no changes to the amount of benefits payable to the Transferred Participants. As a result of these transactions, which were funded with existing assets of the Plans and which did not require any additional funding contributions from the Company, the Company expects to recognize a total non-cash, pre-tax pension settlement charge of approximately $20 million in the fourth quarter of 2024. The actual charge will depend on finalization of the actuarial and other assumptions.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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