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Restructuring and Other Charges | 6 Months Ended
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Jul. 02, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Other Charges | RESTRUCTURING AND OTHER CHARGES Restructuring, asset impairment and other charges were as follows:
| Three Months Ended |  | Six Months Ended
| July 2, 2023 |  | July 3, 2022 |  | July 2, 2023 |  | July 3, 2022
| (in thousands)
Restructuring, asset impairment and other charges(1) | $ | (2,644) |  |  | $ | 810 |  |  | $ | (2,502) |  |  | $ | 1,697 |
(1) Restructuring, asset impairment and other charges are attributable to the EAAA reportable segment. 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 |  |  | $ | 3,295 |  |  | $ | 6,050 |
Cumulative charges incurred to date(1) | 2,281 |  |  | 474 |  |  | 3,295 |  |  | 6,050 |
(1) Charges are attributable to the EAAA reportable segment. 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) |  |  | 174 |  |  | 178 |
Deductions | (300) |  |  | (160) |  |  | — |  |  | (460) |
Charged to other accounts | — |  |  | — |  |  | (174) |  |  | (174) |
Balance, at July 2, 2023 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The Company recognized a gain of $2.7 million on the sale of the Thailand facility during the three months ended July 2, 2023. See Note 16 entitled “Assets Disposed” for additional information. 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 Company completed the 2021 restructuring plan in the second quarter of 2023, following the sale of the Thailand manufacturing facility, as described in Note 16 entitled “Assets Disposed,” 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 -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 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: 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 Reference 5: 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 + Details
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