Restructuring and Other Charges (Tables)

6 Months Ended

Jun. 29, 2024

Restructuring and Related Activities [Abstract]

Pre-tax 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.

Reconciliation of Restructuring Liability

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.