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RESTRUCTURING CHARGES

3 Months Ended

Apr. 03, 2021

Restructuring and Related Activities [Abstract]

A summary of the restructuring reserve activity from January 2, 2021 to April 3, 2021 is as follows:


(Millions of Dollars)	January 2, 2021		Net Additions		Usage		Currency		April 3, 2021
Severance and related costs	$	87.5	$	(1.1)	$	(24.0)	$	1.7	$	64.1
Facility closures and asset impairments	2.7		3.4		(2.1)		—		4.0
Total	$	90.2	$	2.3	$	(26.1)	$	1.7	$	68.1

For the three months ended April 3, 2021, the Company recognized net restructuring charges of $2.3 million, primarily related to severance and facility-related costs. The majority of the $68.1 million of reserves remaining as of April 3, 2021 is expected to be utilized within the next 12 months.

Segments: The $2 million of net restructuring charges for the three months ended April 3, 2021 includes: $2 million pertaining to the Tools & Storage segment; $1 million of net reversals pertaining to the Industrial segment; and $1 million pertaining to the Security segment.