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Restructuring Charges | 6 Months Ended
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Jul. 04, 2021
Restructuring and Related Activities [Abstract] |
Restructuring Charges | RESTRUCTURING CHARGES A summary of restructuring activities for the 2019 restructuring plan is presented below:
| Workforce Reduction
| (in thousands)
Balance, at January 3, 2021 | $ | 1,064 |
Charged to expenses | (192) |
Deductions | 579 |
Balance, at July 4, 2021 | $ | 293 |
For the six months ended July 4, 2021, the Company recorded a reduction of $0.2 million of previously recognized restructuring charges due to changes in expected cash payments. At July 4, 2021, the restructuring reserve was $0.3 million. Below is a discussion of the restructuring plan activities under the 2019 restructuring plan. 2019 Restructuring Plan On December 23, 2019, the Company committed to a new restructuring plan that continues to focus on efforts to improve efficiencies and decrease costs across its worldwide operations, and more closely align its operating structure with its business strategy. The plan involved a reduction of approximately 105 employees and early termination of two office leases. As a result of this plan, the Company recorded a pre-tax restructuring charge in the fourth quarter of 2019 of approximately $9.0 million. The charge was comprised of severance expenses ($8.8 million) and lease exit costs ($0.2 million). The restructuring plan was expected to result in cash expenditures of approximately $9.0 million for payment of the employee severance and lease exit costs, as described above. The Company expects to complete the restructuring plan in fiscal year 2021 and expects the plan to yield annualized savings of approximately $6.0 million. A portion of the annualized savings was realized on the income statement in fiscal year 2020, with the remaining portion of the annualized savings expected to be realized in fiscal year 2021.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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