Restructuring Charges

9 Months Ended

Sep. 30, 2017

Notes To Financial Statements [Abstract]

Restructuring Charges

Restructuring Charges

A summary of the restructuring reserve activity from December 31, 2016 to September 30, 2017 is as follows:

(Millions of Dollars)	December 31, 2016		Net Additions		Usage			Currency		September 30, 2017
Severance and related costs	$	21.4	$	34.4	$	(32.8	)	$	2.1	$	25.1
Facility closures and asset impairments	14.2		8.5		(16.1		)	0.3		6.9
Total	$	35.6	$	42.9	$	(48.9	)	$	2.4	$	32.0

For the nine months ended September 30, 2017, the Company recognized net restructuring charges of $42.9 million. This amount reflects $34.4 million of net severance charges associated with the reduction of approximately 1,463 employees and $8.5 million of facility closure and other restructuring costs.

For the three months ended September 30, 2017, the Company recognized net restructuring charges of $19.1 million. This amount reflects $16.3 million of net severance charges associated with the reduction of approximately 1,138 employees and $2.8 million of facility closure and other restructuring costs.

The majority of the $32.0 million of reserves remaining as of September 30, 2017 is expected to be utilized within the next 12 months.

Segments: The $43 million of net restructuring charges for the nine months ended September 30, 2017 includes: $18 million pertaining to the Tools & Storage segment; $17 million pertaining to the Security segment; $7 million pertaining to the Industrial segment and $1 million pertaining to Corporate.

The $19 million of net restructuring charges for the three months ended September 30, 2017 includes: $9 million pertaining to the Tools & Storage segment; $8 million pertaining to the Security segment and $2 million pertaining to the Industrial segment.