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Restructuring and Other Charges | 6 Months Ended
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Jul. 03, 2022
Restructuring and Related Activities [Abstract] |
Restructuring and Other Charges | RESTRUCTURING AND OTHER CHARGES Restructuring and asset impairment charges by reportable segment are presented as follows:
| Three Months Ended |  | Six Months Ended
| July 3, 2022 |  | July 4, 2021 |  | July 3, 2022 |  | July 4, 2021
| (in thousands)
AMS | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
EAAA | 810 |  |  | (62) |  |  | 1,697 |  |  | (192) |
Total restructuring and asset impairment charges | $ | 810 |  |  | $ | (62) |  |  | $ | 1,697 |  |  | $ | (192) |
A summary of the restructuring reserve balance, recorded within accrued expenses in the consolidated condensed balance sheets, for the 2021 and 2019 restructuring plans is presented below:
| Workforce Reduction |  | Retention Bonuses |  | Asset Impairment and Other Related Charges |  |
| 2021 Plan |  | 2019 Plan |  | 2021 Plan |  | 2021 Plan |  | Total
| (in thousands)
Balance, at January 2, 2022 | $ | 2,257 |  |  | $ | 97 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,354 |
Charged to expenses | 1 |  |  | — |  |  | 187 |  |  | 1,509 |  |  | 1,697 |
Deductions | (1,107) |  |  | (97) |  |  | (22) |  |  | — |  |  | (1,226) |
Charged to other accounts | — |  |  | — |  |  | — |  |  | (1,509) |  |  | (1,509) |
Balance, at July 3, 2022 | $ | 1,151 |  |  | $ | — |  |  | $ | 165 |  |  | $ | — |  |  | $ | 1,316 |
Below is a discussion of the restructuring plan activities under the 2021 and 2019 restructuring plans. 2021 Restructuring Plan On September 8, 2021, the Company committed to a new restructuring plan that continues to focus on efforts to improve efficiencies and decrease costs across its worldwide operations. The plan involves a reduction of approximately 188 employees and the closure of the Company’s manufacturing facility in Thailand at the end of the first quarter of 2022. Expected charges and cumulative charges incurred to date under the 2021 restructuring plan are as follows:
| Workforce Reduction |  | Retention Bonuses(2) |  | Asset Impairment and Other Related Charges |  | Total
| (in thousands)
Estimated expected charges(1) | $ | 2,300 |  |  | $ | 500 |  |  | $ | 3,700 |  |  | $ | 6,500 |
Cumulative charges incurred to date(1) | 2,258 |  |  | 187 |  |  | 3,159 |  |  | 5,604 |
(1) Charges are attributable to the EAAA reportable segment. (2) The retention bonuses will be recognized through the end of fiscal year 2022 as earned over the requisite service periods. In addition, during the six months ended July 3, 2022, in conjunction with the closure of its Thailand facility, the Company recorded a write-down of inventory of $2.1 million within cost of sales in the consolidated condensed statements of operations. The restructuring plan is expected to result in cash expenditures of approximately $3 million to $4 million for payment of the employee severance, employee retention bonuses and other costs of the shutdown of the Thailand manufacturing facility, as described above. The Company expects to complete the restructuring plan in fiscal year 2022 and expects the plan to yield annualized savings of approximately $1.7 million. A portion of the annualized savings is expected to be realized on the consolidated condensed statement of operations in fiscal year 2022, with the remaining portion of the annualized savings expected to be realized in fiscal year 2023. 2019 Restructuring Plan The 2019 restructuring plan has been completed as of April 3, 2022.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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