Restructuring and Other Charges

3 Months Ended

Mar. 29, 2025

Restructuring and Related Activities [Abstract]

15. Restructuring and Other Charges

On January 18, 2025, we announced the decision to consolidate U.S. regional offices into one campus headquarters in Deerfield, Illinois. In connection with these consolidation activities and related organizational and personnel changes, the Company currently expects to incur certain cash and non-cash restructuring and other charges related to employee relocation, severance, retention, non-cash asset related costs, lease exit costs, and other transition activities estimated in the range of approximately $50 million to $80 million in the aggregate, the majority of which are expected to be cash charges that will be spread through the balance of this fiscal year and fiscal year 2026. For the thirteen weeks ended March 29, 2025, we incurred total charges of $27.1 million, including cash charges of $23.9 million primarily related to severance and other exit costs, and non-cash charges of $3.2 million primarily related to acceleration of property, plant and equipment depreciation. The estimated ranges of restructuring and other charges are provisional and include management judgments and assumptions that could change as we execute our plans. Actual results may differ from these estimates, and the execution of our plan could result in additional charges.

Total restructuring and other charges for the thirteen weeks ended March 29, 2025 were as follows:


(In millions)	Thirteen Weeks Ended March 29, 2025
			Other Charges (a)
	Restructuring Charges		Cost of Products Sold		SG&A (b)		Total Charges
Water	$	9.6	$	0.4	$	-	$	10.0
Outdoors		2.5		5.6		1.0		9.1
Security		3.9		3.3		-		7.2
Corporate		8.8		-		3.7		12.5
Total	$	24.8	$	9.3	$	4.7	$	38.8

(a)

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

(b)

Selling, general and administrative expenses.

Restructuring and other charges for the thirteen weeks ended March 29, 2025 are primarily attributable to costs associated with the decision to consolidate our U.S. regional offices into one campus headquarters and related organizational and personnel changes, product-line rationalizations within our Outdoors segment, and plant closures in both our Water and Security segments.

Restructuring and other charges for the thirteen weeks ended March 30, 2024 were as follows:


(In millions)	Thirteen Weeks Ended March 30, 2024
			Other Charges (a)
	Restructuring Charges		Cost of Products Sold			SG&A (b)		Total Charges
Water	$	0.4	$	(0.5	)	$	-	$	(0.1	)
Outdoors		0.5		3.0			-		3.5
Security		1.6		6.0			-		7.6
Corporate		0.3		-			-		0.3
Total	$	2.8	$	8.5		$	-	$	11.3

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

(b) Selling, general and administrative expenses.

Restructuring and other charges for the thirteen weeks ended March 30, 2024 were primarily attributable to costs associated with the planned closure of a manufacturing facility within our Security segment, a product-line rationalization within our Outdoors segment and headcount actions across all segments.

Reconciliation of Restructuring Liability


(In millions)	Balance at December 28, 2024		2025 Provision		Cash Payments (a)			Non-Cash Write-offs			Balance at March 29, 2025
Workforce reduction costs	$	6.2	$	22.1	$	(3.0	)	$	-		$	25.3
Other		7.7		2.7		-			(0.5	)		9.9
Total	$	13.9	$	24.8	$	(3.0	)	$	(0.5	)	$	35.2

(a) Cash payments primarily relate to severance charges.


(In millions)	Balance at December 30, 2023		2024 Provision		Cash Payments (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 payments primarily relate to severance charges.