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Restructuring and Other Charges | 9 Months Ended
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Sep. 27, 2025
Restructuring and Related Activities [Abstract] |
Restructuring and Other Charges | 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 $10 0 million to $120 million in the aggregate, the majority of which are expected to be cash charges t hat will be spread through the balance of this fiscal year and fiscal year 2026. For the thirty-nine weeks ended September 27, 2025, we incurred total charges of $69.2 million, including cash charges of $54.9 million primarily related to severance and other exit costs, and non-cash charges of $14.3 million primarily related to acceleration of property, plant and equipment depreciation. For the thirteen weeks ended September 27, 2025, we incurred total charges of $20.5 million, including cash charges of $16.6 million primarily related to severance and other exit costs, and non-cash charges of $3.9 million primarily related to acceleration of property, plant and equipment depreciation. T he 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 (gains) for the thirty-nine and thirteen weeks ended September 27, 2025 and September 28, 2024 are shown below.
(In millions) |  | Thirty-Nine Weeks Ended September 27, 2025 |
|  |  |  |  | Other Charges (Gains) (a) |  |  |  |
|  | Restructuring Charges |  |  | Cost of Products Sold |  |  | SG&A (b) |  |  | Total Charges |
Water |  | $ | 20.3 |  |  | $ | 0.8 |  |  | $ | 3.7 |  |  | $ | 24.8 |
Outdoors |  |  | 4.9 |  |  |  | 8.8 |  |  |  | 7.2 |  |  |  | 20.9 |
Security |  |  | 7.4 |  |  |  | 3.8 |  |  |  | 5.1 |  |  |  | 16.3 |
Corporate |  |  | 16.7 |  |  |  | - |  |  |  | 11.8 |  |  |  | 28.5 |
Total |  | $ | 49.3 |  |  | $ | 13.4 |  |  | $ | 27.8 |  |  | $ | 90.5 |
(In millions) |  | Thirty-Nine Weeks Ended September 28, 2024 |
|  |  |  |  | Other Charges (Gains) (a) |  |  |  |
|  | Restructuring Charges |  |  | Cost of Products Sold |  |  | SG&A (b) |  |  | Total Charges |
Water |  | $ | 4.9 |  |  | $ | 2.4 |  |  | $ | - |  |  | $ | 7.3 |
Outdoors |  |  | 4.9 |  |  |  | 13.8 |  |  |  | - |  |  |  | 18.7 |
Security |  |  | 3.1 |  |  |  | 7.7 |  |  |  | - |  |  |  | 10.8 |
Corporate |  |  | 1.2 |  |  |  | - |  |  |  | - |  |  |  | 1.2 |
Total |  | $ | 14.1 |  |  | $ | 23.9 |  |  | $ | - |  |  | $ | 38.0 |
(a) “Other Charges (Gains)" 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 (gains) in the thirty-nine weeks ended September 27, 2025, are primarily attributable to costs associated with the decision to consolidate the Company's U.S. regional offices into one campus headquarters and its related organizational and personnel changes, a product-line rationalization within our Outdoors segment, and plant closures in all our segments. Restructuring and other charges in the thirty-nine weeks ended September 28, 2024, were primarily attributable to costs associated with the closure of a manufacturing facility within our Security segment, a product-line rationalization within our Outdoors segment and headcount-reduction actions across all segments.
(In millions) |  | Thirteen Weeks Ended September 27, 2025 |
|  |  |  |  | Other Charges (Gains) (a) |  |  |  |
|  | Restructuring Charges |  |  | Cost of Products Sold |  |  | SG&A (b) |  |  | Total Charges |
Water |  | $ | 4.4 |  |  | $ | 0.3 |  |  | $ | 0.5 |  |  | $ | 5.2 |
Outdoors |  |  | 0.3 |  |  |  | 3.0 |  |  |  | 2.0 |  |  |  | 5.3 |
Security |  |  | 1.7 |  |  |  | 0.1 |  |  |  | 3.7 |  |  |  | 5.5 |
Corporate |  |  | 4.4 |  |  |  | - |  |  |  | 6.1 |  |  |  | 10.5 |
Total |  | $ | 10.8 |  |  | $ | 3.4 |  |  | $ | 12.3 |  |  | $ | 26.5 |
(In millions) |  | Thirteen Weeks Ended September 28, 2024 |
|  |  |  |  | Other Charges (Gains) (a) |  |  |  |
|  | Restructuring Charges |  |  | Cost of Products Sold |  |  | SG&A (b) |  |  | Total Charges |
Water |  | $ | 3.4 |  |  | $ | 1.6 |  |  | $ | - |  |  | $ | 5.0 |
Outdoors |  |  | 2.4 |  |  |  | 1.4 |  |  |  | - |  |  |  | 3.8 |
Security |  |  | 0.8 |  |  |  | 0.5 |  |  |  | - |  |  |  | 1.3 |
Corporate |  |  | 0.8 |  |  |  | - |  |  |  | - |  |  |  | 0.8 |
Total |  | $ | 7.4 |  |  | $ | 3.5 |  |  | $ | - |  |  | $ | 10.9 |
(a) “Other Charges (Gains)” 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 (gains) in the thirteen weeks ended September 27, 2025, are primarily due to costs incurred in connection within the Company's headquarters consolidation and its related organizational changes and plant and distribution center closures in all our segments. Restructuring and other charges in the thirteen weeks ended September 28, 2024, are largely related to costs associated with the closure of a manufacturing facility within our Security segment, a product line rationalization within our Outdoors segment and headcount-reduction 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 September 27, 2025 |
Workforce reduction costs |  | $ | 6.2 |  |  | $ | 47.8 |  |  | $ | (19.1 | ) |  | $ | - |  |  | $ | 34.9 |
Other |  |  | 7.7 |  |  |  | 1.5 |  |  |  | (1.5 | ) |  |  | (0.7 | ) |  |  | 7.0 |
Total |  | $ | 13.9 |  |  | $ | 49.3 |  |  | $ | (20.6 | ) |  | $ | (0.7 | ) |  | $ | 41.9 |
(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 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 payments 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 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
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