RESTRUCTURING CHARGES AND OTHER COSTS |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RESTRUCTURING CHARGES AND OTHER COSTS | RESTRUCTURING CHARGES AND OTHER COSTS A summary of the restructuring reserve activity from December 30, 2023 to March 30, 2024 is as follows:
For the three months ended March 30, 2024, the Company recognized net restructuring charges of $15.0 million primarily related to severance. The majority of the $34.3 million of reserves remaining as of March 30, 2024 is expected to be utilized within the next 12 months. Segments: The $15.0 million of net restructuring charges for the three months ended March 30, 2024 includes: $7.0 million in the Tools & Outdoor segment; $5.7 million in the Industrial segment; and $2.3 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 $80.0 million and $63.7 million for the three months ended March 30, 2024 and April 1, 2023, respectively. The year-over-year increase was primarily driven by higher environmental costs, write-downs on certain investments, and lower income related to providing transition services to previously divested businesses.
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