RESTRUCTURING CHARGES

9 Months Ended

Oct. 02, 2021

Restructuring and Related Activities [Abstract]

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


(Millions of Dollars)	January 2, 2021		Net Additions		Usage		Currency		October 2, 2021
Severance and related costs	$	87.5	$	5.9	$	(49.9)	$	2.0	$	45.5
Facility closures and asset impairments	2.7		16.2		(15.3)		—		3.6
Total	$	90.2	$	22.1	$	(65.2)	$	2.0	$	49.1

For the three and nine months ended October 2, 2021, the Company recognized net restructuring charges of $5.8 million and $22.1 million, respectively, primarily related to severance and facility-related costs. The majority of the $49.1 million of reserves remaining as of October 2, 2021 is expected to be utilized within the next 12 months.

Segments: The $22 million of net restructuring charges for the nine months ended October 2, 2021 includes: $7 million pertaining to the Tools & Storage segment; $2 million pertaining to the Industrial segment; $9 million pertaining to the Security segment; and $4 million pertaining to Corporate.

The $6 million of net restructuring charges for the three months ended October 2, 2021 includes: $1 million of net reversals pertaining to the Tools & Storage segment; $5 million pertaining to the Security segment; and $2 million pertaining to Corporate.