RESTRUCTURING CHARGES AND OTHER COSTS

3 Months Ended

Apr. 01, 2023

Restructuring and Related Activities [Abstract]

RESTRUCTURING CHARGES AND OTHER COSTS

RESTRUCTURING CHARGES AND OTHER COSTS

A summary of the restructuring reserve activity from December 31, 2022 to April 1, 2023 is as follows: 

(Millions of Dollars)	December 31, 2022		Net Additions		Usage		Currency		April 1, 2023
Severance and related costs	$	57.0	$	7.3	$	(25.8)	$	(0.3)	$	38.2
Facility closures and asset impairments	5.3		4.8		(6.3)		—		3.8
Total	$	62.3	$	12.1	$	(32.1)	$	(0.3)	$	42.0

For the three months ended April 1, 2023, the Company recognized net restructuring charges of $12.1 million, primarily related to severance and facility closures. The majority of the $42.0 million of reserves remaining as of April 1, 2023 is expected to be utilized within the next 12 months.

Segments: The $12 million of net restructuring charges for the three months ended April 1, 2023 includes: $7 million in the Tools & Outdoor segment; $3 million in the Industrial segment; and $2 million in Corporate.

Other, net is primarily comprised of intangible asset amortization expense, currency-related gains or losses, environmental remediation expense, deal costs and related consulting costs, and certain pension gains or losses. Other, net amounted to $63.7 million and $62.0 million in the first three months of 2023 and 2022, respectively.