XML 64 R19.htm IDEA: XBRL DOCUMENT v3.3.0.814
Restructuring Charges
 9 Months Ended
Oct. 03, 2015
Restructuring Charges
Restructuring Charges
A summary of the restructuring reserve activity from January 3, 2015 to October 3, 2015 is as follows: 
(Millions of Dollars)
January 3,
2015
 
Net Additions
 
Usage
 
Currency
 
October 3,
2015
Severance and related costs
$
81.2

 
$
35.0

 
$
(45.9
)
 
$
(2.9
)
 
$
67.4

Facility closures and other
16.4

 
8.9

 
(16.8
)
 
(0.2
)
 
8.3

Total
$
97.6

 
$
43.9

 
$
(62.7
)
 
$
(3.1
)
 
$
75.7


For the nine months ended October 3, 2015, the Company recognized $43.9 million of net restructuring charges. This amount reflects $35.0 million of net severance charges associated with the reduction of approximately 778 employees. The Company also had facility closure costs of $4.4 million and asset impairment charges of $4.5 million.
For the three months ended October 3, 2015, the Company recognized a net restructuring charge of $14.0 million. This amount reflects $9.2 million of severance charges related to the reduction of approximately 358 employees in the third quarter of 2015, which is inclusive of reversals representing the elimination of excess severance accruals due to changes in initial estimates relating to prior actions. The Company also had $4.8 million of net facility closure costs and asset impairment charges in the third quarter of 2015.
The majority of the $75.7 million of reserves remaining as of October 3, 2015 is expected to be utilized within the next 12 months.
Segments: The $43.9 million net restructuring charge for the nine months ended October 3, 2015 includes: $17.2 million of net charges pertaining to the Tools & Storage segment; $19.0 million of net charges pertaining to the Security segment; $8.3 million of net charges pertaining to the Industrial segment; and $0.6 million of net credits pertaining to Corporate. During the third quarter of 2015, the Company recognized net charges of $14.0 million including: $1.7 million of net charges pertaining to the Tools & Storage segment; $5.4 million of net charges pertaining to the Security segment; and $6.9 million of net charges pertaining to the Industrial segment.