XML 25 R15.htm IDEA: XBRL DOCUMENT
v3.24.2

Restructuring, Impairment, and Other Charges | 6 Months Ended
--- | ---
Jun. 29, 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 and six months ended June 29, 2024 and July 1, 2023 as follows:
| Three Months Ended June 29, 2024 |  | Six Months Ended June 29, 2024
(in thousands) | Electronics |  | Transportation |  | Industrial |  | Total |  | Electronics |  | Transportation |  | Industrial |  | Total
Employee terminations | $ | 4,501 |  |  | $ | 437 |  |  | $ | 5 |  |  | $ | 4,943 |  |  | $ | 5,105 |  |  | $ | 1,591 |  |  | $ | 416 |  |  | $ | 7,112 |
Other restructuring charges | 87 |  |  | 209 |  |  | 13 |  |  | 309 |  |  | 139 |  |  | 287 |  |  | 18 |  |  | 444 |
Total restructuring charges | 4,588 |  |  | 646 |  |  | 18 |  |  | 5,252 |  |  | 5,244 |  |  | 1,878 |  |  | 434 |  |  | 7,556 |
Impairment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 933 |  |  | — |  |  | 933 |
Total | $ | 4,588 |  |  | $ | 646 |  |  | $ | 18 |  |  | $ | 5,252 |  |  | $ | 5,244 |  |  | $ | 2,811 |  |  | $ | 434 |  |  | $ | 8,489 |
| Three Months Ended July 1, 2023 |  | Six Months Ended July 1, 2023
(in thousands) | Electronics |  | Transportation |  | Industrial |  | Total |  | Electronics |  | Transportation |  | Industrial |  | Total
Employee terminations | $ | 987 |  |  | $ | 351 |  |  | $ | 277 |  |  | $ | 1,615 |  |  | $ | 1,659 |  |  | $ | 933 |  |  | $ | 594 |  |  | $ | 3,186 |
Other restructuring charges | 250 |  |  | 412 |  |  | 654 |  |  | 1,316 |  |  | 257 |  |  | 684 |  |  | 654 |  |  | 1,595 |
Total restructuring charges | 1,237 |  |  | 763 |  |  | 931 |  |  | 2,931 |  |  | 1,916 |  |  | 1,617 |  |  | 1,248 |  |  | 4,781 |
Impairment | — |  |  | 3,870 |  |  | 54 |  |  | 3,924 |  |  | — |  |  | 3,870 |  |  | 54 |  |  | 3,924 |
Total | $ | 1,237 |  |  | $ | 4,633 |  |  | $ | 985 |  |  | $ | 6,855 |  |  | $ | 1,916 |  |  | $ | 5,487 |  |  | $ | 1,302 |  |  | $ | 8,705 |
2024 For the three and six months ended June 29, 2024, the Company recorded total restructuring charges of $5.3 million and $7.6 million, respectively, primarily for employee termination costs. These charges primarily related to the reorganization of certain manufacturing, selling and administrative functions within the semiconductor business in the Electronics segment and the reorganization of certain selling and administrative functions within the commercial vehicle business in the Transportation segment. 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 and six months ended July 1, 2023, the Company recorded total restructuring charges of $2.9 million and $4.8 million, respectively, primarily for employee termination costs. These charges primarily related to the reorganization of certain selling and administrative functions within the Electronics segment due to the C&K Switches acquisition and the reorganization of certain manufacturing, selling and administrative functions within the commercial vehicle business in the Transportation segment. In addition, during the second quarter of 2023, the Company recognized a $3.9 million impairment charge related to the land and building of a property in the commercial vehicle business within the Transportation segment that the Company made the decision to donate. The restructuring reserves as of both June 29, 2024 and December 30, 2023 is $5.5 million and $2.1 million, respectively. The restructuring liability is included within A ccrued liabilities in the Condensed Consolidated Balance Sheets. The Company anticipates the remaining payments associated with employee terminations will primarily be completed in the first quarter fiscal year 2025.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_RestructuringImpairmentAndOtherActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration