Restructuring Charges

3 Months Ended

Apr. 04, 2015

A summary of the restructuring reserve activity from January 3, 2015 to April 4, 2015 is as follows (in millions):



	January 3, 2015		Net Additions		Usage			Currency			April 4, 2015
Severance and related costs	$	81.2	$	22.0	$	(17.7	)	$	(4.7	)	$	80.8
Facility closures	16.4		2.9		(2.8		)	(0.3		)	16.2
Total	$	97.6	$	24.9	$	(20.5	)	$	(5.0	)	$	97.0

For the three months ended April 4, 2015, the Company recognized a net restructuring charge of $24.9 million. This amount reflects $22.0 million of net severance charges associated with the reduction of approximately 240 employees. The Company also had facility closure costs of $2.9 million.

The majority of the $97.0 million of reserves remaining as of April 4, 2015 is expected to be utilized within the next 12 months.

Segments: The $24.9 million net restructuring charge for the three months ended April 4, 2015 includes: $17.0 million of net charges pertaining to the Tools & Storage segment; $7.0 million of net charges pertaining to the Security segment; $0.7 million of net charges pertaining to the Industrial segment; and $0.2 million of net charges pertaining to Corporate.

- 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.

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