Subsequent Event

3 Months Ended

Apr. 03, 2020

Subsequent Events [Abstract]

Subsequent Event

SUBSEQUENT EVENT

Subsequent to April 3, 2020, the Company committed to a plan to exit a portion of its treatment unit business, which is part of the Equipment & Consumables segment, as part of its strategy to structurally improve its margins. In accordance with ASC 360, Property, Plant and Equipment, these assets are classified as assets held-for-use until they are disposed of. The Company will continue to evaluate these assets for potential impairment until they are disposed of, which is expected to be by the end of the quarter ending July 3, 2020. While the Company will write-off a majority of the assets, the land and buildings will be reclassified as held-for-sale by the end of the quarter ending July 3, 2020. Based on a preliminary assessment, the Company believes that it may record an impairment charge of $19 million to $24 million and a restructuring charge related to severance and other exit activities of $8 million to $10 million in the quarter ending July 3, 2020.