REALIGNMENT ACTIVITIES

6 Months Ended

Jun. 29, 2024

Restructuring and Related Activities [Abstract]

REALIGNMENT ACTIVITIES

(4) REALIGNMENT ACTIVITIES

During the third quarter of fiscal 2023, management initiated a plan to streamline segment support across the Company and reduce costs through an organizational realignment program (the “Realignment Program”). The Realignment Program provided for a reduction in force through a voluntary early retirement program and other headcount reduction actions, which were completed as of December 30, 2023. The Board of Directors authorized the incurrence of cash charges up to $36,000 in connection with the Realignment Program.

During the fiscal year ended December 30, 2023, the Company recorded the following cumulative pre-tax expenses for the Realignment Program:

	Infrastructure		Agriculture		Corporate		Total
Severance and other employee benefit costs	$	17,260	$	9,101	$	8,849	$	35,210

Changes in liabilities recorded for the Realignment Program were as follows:

	Balance as of		Recognized		Costs Paid or		Balance as of
	December 30,		Realignment		Otherwise		June 29,
	2023		Expense		Settled		2024
Severance and other employee benefit costs	$	12,514	$	—	$	(10,625)	$	1,889