XML 34 R23.htm IDEA: XBRL DOCUMENT v3.22.1
RESTRUCTURING CHARGES
3 Months Ended
Apr. 02, 2022
Restructuring and Related Activities [Abstract]  
RESTRUCTURING CHARGES RESTRUCTURING CHARGES
A summary of the restructuring reserve activity from January 1, 2022 to April 2, 2022 is as follows: 
(Millions of Dollars)January 1,
2022
Net AdditionsUsageCurrencyApril 2,
2022
Severance and related costs$28.2 $51.1 $(22.8)$0.6 $57.1 
Facility closures and asset impairments3.5 1.6 (2.5)0.1 2.7 
Total$31.7 $52.7 $(25.3)$0.7 $59.8 
For the three months ended April 2, 2022, the Company recognized net restructuring charges of $52.7 million, primarily related to severance and related costs. The majority of the $59.8 million of reserves remaining as of April 2, 2022 is expected to be utilized within the next 12 months.
Segments: The $53 million of net restructuring charges for the three months ended April 2, 2022 includes: $43 million in the Tools & Outdoor segment; $8 million in the Industrial segment; and $2 million in Corporate.