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Gain on Sale and Other Costs, Net | 12 Months Ended
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Dec. 28, 2024
Restructuring and Related Activities [Abstract] |
Gain on Sale and Other Costs, Net | Gain on Sale and Other Costs, Net The components of gain on sale and other costs, net are as follows:
(In thousands) |  | December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Gain on Sale of Assets |  | $ | — |  |  | $ | — |  |  | $ | (20,190) |
Restructuring and Impairment Costs |  | — |  |  | 766 |  |  | 1,334 |
Other Costs (Income) |  | 658 |  |  | (43) |  |  | — |
|  | $ | 658 |  |  | $ | 723 |  |  | $ | (18,856) |
Gain on Sale of Assets The Company entered into several agreements with the local government in China to sell its then existing manufacturing building and land use rights at one of its subsidiaries in China for $25,159,000 and relocate to a new facility (China Transaction). The agreements became effective in the first quarter of 2022 after a 31% down payment was received, including 25% in 2021 and 6% in the first quarter of 2022, and a land use right in a new location was secured. As a result, the Company recognized a gain on the China Transaction of $20,190,000, or $15,143,000, net of deferred taxes of $5,047,000, in the first quarter of 2022. A receivable of $16,082,000 was recognized for the present value of the remaining amount of the sale proceeds, which was due the earlier of when the government sells the property or within two years from the effective date of the agreements. The government settled $685,000 of the receivable in 2024. The outstanding receivable was $14,377,000 at year-end 2024, which the Company expects will be repaid in full, although the timing is uncertain. The subsidiary, which is part of the Industrial Processing segment, relocated to its new facility during the third quarter of 2023. A summary of the change in the outstanding receivable on the China Transaction, which is included in other current assets in the consolidated balance sheet, is as follows:
(In thousands) |  | Total
Balance at December 30, 2023 |  | $ | 15,410 |
Accretion of interest income |  | 135 |
Proceeds received |  | (685) |
Currency translation |  | (483) |
Balance at December 28, 2024 |  | $ | 14,377 |
Other Costs, Net Restructuring and Impairment Costs The Company's restructuring plans within its Flow Control Segment are as follows: 2023 Restructuring Plans •The Company incurred restructuring and impairment costs of $400,000 in 2023 related to the consolidation of a small manufacturing operation into a larger facility in Germany. These charges consisted of severance costs of $335,000 for the termination of 10 employees, facility and other closure costs of $29,000, and asset-write downs of $36,000. •The Company incurred restructuring costs of $366,000 in 2023 related to the termination of a contract at one of its operations in Germany. 2021 Restructuring Plan •The Company incurred restructuring costs of $568,000 in 2022 related to its plan to eliminate a redundant ceramic blade manufacturing operation in France. These charges consisted of severance costs for the termination of five employees and facility and other closure costs. •The Company incurred restructuring costs of $35,000 and impairment costs of $731,000 within its Industrial Processing segment during 2022. The impairment costs included $549,000 primarily related to the write-down of inventory from the Company's operations in Russia and $182,000 related to the write-down of certain fixed assets that were not moved to the new manufacturing facility in China as part of the China Transaction. A summary of the changes in accrued restructuring costs included in other current liabilities in the accompanying consolidated balance sheet are as follows:
(In thousands) |  | Severance Costs |  | Contract Termination Costs |  | Facility and Other Closure Costs |  | Total
2023 Restructuring Plans |  |  |  |  |  |  |  |
Provision |  | $ | 335 |  |  | $ | 366 |  |  | $ | 29 |  |  | $ | 730 |
Usage |  | (138) |  |  | (63) |  |  | (29) |  |  | (230) |
Currency translation |  | 4 |  |  | 10 |  |  | — |  |  | 14 |
Balance at December 30, 2023 |  | $ | 201 |  |  | $ | 313 |  |  | $ | — |  |  | $ | 514 |
Usage |  | (195) |  |  | (303) |  |  | — |  |  | (498) |
Currency translation |  | (6) |  |  | (10) |  |  | — |  |  | (16) |
Balance at December 28, 2024 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2021 Restructuring Plan |  |  |  |  |  |  |  |
Balance at January 1, 2022 |  | $ | 156 |  |  | $ | — |  |  | $ | — |  |  | $ | 156 |
Provision |  | 205 |  |  | — |  |  | 398 |  |  | 603 |
Usage |  | (159) |  |  | — |  |  | (231) |  |  | (390) |
Currency translation |  | (13) |  |  | — |  |  | 33 |  |  | 20 |
Balance at December 31, 2022 |  | $ | 189 |  |  | $ | — |  |  | $ | 200 |  |  | $ | 389 |
Usage |  | (187) |  |  | — |  |  | (199) |  |  | (386) |
Currency translation |  | (2) |  |  | — |  |  | (1) |  |  | (3) |
Balance at December 30, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other Costs (Income) In 2024, the Company recognized a loss of $658,000 from the recognition of a currency translation adjustment associated with the liquidation of a small foreign subsidiary in the Flow Control segment. In 2023, in connection with the China Transaction, the Company recognized income of $841,000 related to the outsourcing of demolition and cleanup of the then existing manufacturing building in China and sale of the remaining fixed assets. In addition, the Company incurred relocation costs of $798,000 in 2023 related to the relocation of machinery and equipment and administrative offices to the new manufacturing facility.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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