XML 81 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
RESTRUCTURING AND ASSET IMPAIRMENTS
 12 Months Ended
Dec. 29, 2012
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND ASSET IMPAIRMENTS
RESTRUCTURING AND ASSET IMPAIRMENTS
A summary of the restructuring reserve activity from December 29, 2012 to December 28, 2013 is as follows (in millions):
 
12/29/2012
 
Net
Additions (Reversals)
 
Usage
 
Currency
 
12/28/2013
2013 Actions
 
 
 
 
 
 
 
 
 
Severance and related costs
$
—

 
$
178.0

 
$
(26.7
)
 
$
3.5

 
$
154.8

Asset impairments
—

 
18.7

 
(18.7
)
 
—

 
—

Facility closures and other
—

 
27.1

 
(17.7
)
 
0.4

 
9.8

Subtotal 2013 actions
—

 
223.8

 
(63.1
)
 
3.9

 
164.6

Pre-2013 Actions
 
 
 
 
 
 
 
 
 
Severance and related costs
112.1

 
(48.7
)
 
(46.0
)
 
—

 
17.4

Facility closures and other
13.1

 
1.0

 
(2.3
)
 
—

 
11.8

Subtotal Pre-2013 actions
125.2

 
(47.7
)
 
(48.3
)
 
—

 
29.2

Total
$
125.2

 
$
176.1

 
$
(111.4
)
 
$
3.9

 
$
193.8


2013 Actions: During 2013, the Company continued with restructuring activities primarily associated with the Black & Decker merger, Niscayah and other acquisitions, as well as other cost reduction actions, and recognized $176.1 million of net restructuring charges. Of those charges, $178.0 million relates to severance charges associated with the reduction of approximately 2,700 employees, which was partially offset by reversals of $48.7 million primarily due to the termination of a previously approved restructuring action due to a shifting political and economic landscape in certain European countries. Also included in those charges are facility closure costs of $28.1 million and asset impairment charges of $18.7 million.
Of the $193.8 million reserves remaining as of December 28, 2013, the majority are expected to be utilized by the end of 2014.
Segments: The $176.1 million of net charges recognized in 2013 includes: $32.8 million pertaining to the CDIY segment; $12.1 million pertaining to the Industrial segment; $94.0 million pertaining to the Security segment; and $37.2 million pertaining to Corporate charges.