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Restructuring and Other Charges | 3 Months Ended
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Apr. 02, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Other Charges | RESTRUCTURING AND OTHER CHARGES Restructuring, asset impairment and other charges are as follows:
| Three Months Ended
| April 2, 2023 |  | April 3, 2022
| (in thousands)
Restructuring, asset impairment and other charges(1) | $ | 142 |  |  | $ | 887 |
(1) Charges are attributable to the EAAA reportable segment. 2021 Restructuring Plan A summary of the restructuring reserve balance, recorded within accrued expenses in the consolidated condensed balance sheets, for the 2021 restructuring plan is presented below:
| Workforce Reduction |  | Retention Bonuses |  | Asset Impairment and Other Related Charges |  | Total
| (in thousands)
Balance, at January 1, 2023 | $ | 277 |  |  | $ | 179 |  |  | $ | — |  |  | $ | 456 |
Charged to expenses | 23 |  |  | (19) |  |  | 138 |  |  | 142 |
Deductions | (300) |  |  | (160) |  |  | — |  |  | (460) |
Charged to other accounts | — |  |  | — |  |  | (138) |  |  | (138) |
Balance, at April 2, 2023 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Below is a discussion of the restructuring plan activities under the 2021 restructuring plan. On September 8, 2021, the Company committed to a new restructuring plan that continued to focus on efforts to improve efficiencies and decrease costs across its worldwide operations. The plan involved 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 |  | Asset Impairment and Other Related Charges |  | Total
| (in thousands)
Estimated expected charges(1) | $ | 2,281 |  |  | $ | 474 |  |  | $ | 3,259 |  |  | $ | 6,014 |
Cumulative charges incurred to date(1) | 2,281 |  |  | 474 |  |  | 3,259 |  |  | 6,014 |
(1) Charges are attributable to the EAAA reportable segment. In addition, during the three months ended April 3, 2022, in conjunction with the closure of its Thailand facility, the Company recorded a write-down of inventory of $1.1 million within cost of sales in the consolidated condensed statements of operations. The restructuring plan was expected to result in cash expenditures of approximately $3 million to $4 million for payment of employee severance, employee retention bonuses and other costs to shut down the Thailand manufacturing facility, as described above. The Company expects to complete the restructuring plan in the second quarter of 2023 following the sale of the Thailand manufacturing facility, as described in Note 16 entitled “Assets Held For Sale,” and expects the plan to yield annualized savings of approximately $1.7 million. A portion of the annualized savings was realized on the consolidated condensed statements of operations in fiscal year 2022, with the remaining portion of the annualized savings expected to be realized in fiscal year 2023.

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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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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