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Restructuring and Other | 12 Months Ended
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Dec. 31, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Other | RESTRUCTURING AND OTHER Restructuring, asset impairment, other (gains) and charges by reportable segment are presented as follows:
| Fiscal Year
| 2023 |  | 2022 |  | 2021
| (in thousands)
AMS | $ | — |  |  | $ | — |  |  | $ | (1) |
EAAA | (2,502) |  |  | 1,965 |  |  | 3,622 |
Total restructuring, asset impairment, other (gains) and charges | $ | (2,502) |  |  | $ | 1,965 |  |  | $ | 3,621 |
A summary of the restructuring reserve balance, recorded within accrued expenses in the consolidated balance sheets, for the 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 3, 2021 | $ | — |  |  | $ | 1,064 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,064 |
Charged to expenses | 2,257 |  |  | (286) |  |  | — |  |  | 1,650 |  |  | 3,621 |
Deductions | — |  |  | (681) |  |  | — |  |  | — |  |  | (681) |
Charged to other accounts | — |  |  | — |  |  | — |  |  | (1,650) |  |  | (1,650) |
Balance, at January 2, 2022 | 2,257 |  |  | 97 |  |  | — |  |  | — |  |  | 2,354 |
Charged to expenses | 1 |  |  | — |  |  | 493 |  |  | 1,471 |  |  | 1,965 |
Deductions | (1,981) |  |  | (97) |  |  | (314) |  |  | — |  |  | (2,392) |
Charged to other accounts | — |  |  | — |  |  | — |  |  | (1,471) |  |  | (1,471) |
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 December 31, 2023 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Below is a discussion of the restructuring plan activities under the restructuring plans. 2021 Restructuring Plan On September 8, 2021, the Company committed to a 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. The Company recognized a gain of $2.7 million on the sale of the Thailand facility during 2023. See Note 7 entitled “Property, Plant and Equipment” for additional information. During 2022, in conjunction with the closure of its Thailand facility, the Company recorded a write-down of inventory of $2.5 million within cost of sales in the consolidated statements of operations. The Company completed the 2021 restructuring plan in the second quarter of 2023, following the sale of the Thailand facility, as described in Note 7 entitled “Property, Plant and Equipment,” and expected the plan to yield annualized savings of approximately $1.7 million. A portion of the annualized savings was realized in the consolidated statements of operations in 2022, with the remaining portion of the annualized savings realized in 2023. 2019 Restructuring Plan On December 23, 2019, the Company committed to a restructuring plan that continued 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 (comprised of $1.1 million attributable to the AMS reportable segment and $7.9 million attributable to the EAAA reportable segment). The charge was comprised of severance expenses ($8.8 million) and lease exit costs ($0.2 million). The plan was expected to result in future cash expenditures of approximately $9.0 million for the payment of employee severance and lease exit costs. In 2021 and 2020, the Company recorded reductions of $0.3 million and $3.7 million, respectively, of the previously recognized charges due to changes in expected cash payments for employee severance. The 2019 restructuring plan was completed as of the end of the first quarter of 2022. Cumulative charges under the 2019 restructuring plan, net of reductions of previously recognized charges, were $0.8 million within the AMS reportable segment and $4.2 million within the EAAA reportable segment. The Company expected the plan to yield annualized savings of approximately $6.0 million. A portion of the annualized savings was realized in the consolidated statements of operations in 2020, with the remaining portion of the annualized savings realized in 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://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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