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Restructuring, Impairment, and Other Charges | 3 Months Ended
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Mar. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring, Impairment, and Other Charges | Restructuring, Impairment, and Other Charges The Company recorded restructuring, impairment, and other charges for the three months ended March 30, 2024 and April 1, 2023 as follows:
| Three Months Ended March 30, 2024 |  |
(in thousands) | Electronics |  | Transportation |  | Industrial |  | Total |  |  |  |  |  |  |  |
Employee terminations | $ | 544 |  |  | $ | 1,190 |  |  | $ | 435 |  |  | $ | 2,169 |  |  |  |  |  |  |  |  |
Other restructuring charges | 52 |  |  | 78 |  |  | 5 |  |  | 135 |  |  |  |  |  |  |  |  |
Total restructuring charges | 596 |  |  | 1,268 |  |  | 440 |  |  | 2,304 |  |  |  |  |  |  |  |  |
Impairment | — |  |  | 933 |  |  | — |  |  | 933 |  |  |  |  |  |  |  |  |
Total | $ | 596 |  |  | $ | 2,201 |  |  | $ | 440 |  |  | $ | 3,237 |  |  |  |  |  |  |  |  |
| Three Months Ended April 1, 2023 |  |
(in thousands) | Electronics |  | Transportation |  | Industrial |  | Total |  |  |  |  |  |  |  |
Employee terminations | $ | 672 |  |  | $ | 582 |  |  | $ | 317 |  |  | $ | 1,571 |  |  |  |  |  |  |  |  |
Other restructuring charges | 7 |  |  | 272 |  |  | — |  |  | 279 |  |  |  |  |  |  |  |  |
Total | $ | 679 |  |  | $ | 854 |  |  | $ | 317 |  |  | $ | 1,850 |  |  |  |  |  |  |  |  |
2024 For the three months ended March 30, 2024, the Company recorded total restructuring charges of $2.3 million, primarily for employee termination costs. These charges primarily related to the reorganization of certain manufacturing, selling and administrative functions within the Transportation segment’s commercial vehicle business, and the reorganization of certain selling and administrative functions within the Electronics and Industrial segments. In addition, during the first quarter of 2024, the Company recognized a $0.9 million impairment charge related to certain machinery and equipment in the commercial vehicle business within the Transportation segment. 2023 For the three months ended April 1, 2023, the Company recorded total restructuring charges of $1.9 million, primarily for employee termination costs. These charges primarily related to the reorganization of certain manufacturing, selling and administrative functions within the Transportation segment’s commercial vehicle business and the reorganization of certain selling and administrative functions within the Electronics segment due to the C&K acquisition. The restructuring reserves as of both March 30, 2024 and December 30, 2023 is $2.1 million. The restructuring liability is included within accrued liabilities in the Condensed Consolidated Balance Sheets. The Company anticipates the remaining payments associated with employee terminations will primarily be completed in the fourth quarter fiscal year 2024.

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- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
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