Restructuring, Impairment and Other Charges

3 Months Ended

Apr. 01, 2023

Restructuring and Related Activities [Abstract]

Restructuring, Impairment and Other Charges

Restructuring, Impairment, and Other Charges

The Company recorded restructuring, impairment and other charges for the three months ended April 1, 2023 and April 2, 2022 as follows:

	Three months ended April 1, 2023
(in thousands)	Electronics		Transportation		Industrial		Total
Employee terminations	$	672	$	582	$	317	$	1,571
Other restructuring charges	7		272		—		279
Total	$	679	$	854	$	317	$	1,850

	Three months ended April 2, 2022
(in thousands)	Electronics		Transportation		Industrial		Total
Employee terminations	$	205	$	—	$	—	$	205
Other restructuring charges	—		13		—		13
Total	$	205	$	13	$	—	$	218

2023

For the three months ended April 1, 2023, the Company recorded total restructuring charges of $1.9 million, primarily for employee termination costs. These charges primarily related to the reorganization of certain manufacturing, selling and administrative functions within the Transportation segment’s commercial vehicle business and the reorganization of certain selling and administrative functions within the Electronics segment due to the C&K acquisition.

2022

For the three months ended April 2, 2022, the Company recorded total restructuring charges of $0.2 million, primarily for employee termination costs. These charges are primarily related to the reorganization of certain manufacturing, selling and administrative functions within the Electronics segment.

The restructuring liability as of April 1, 2023 and December 31, 2022 is $1.2 million and $2.4 million, respectively. The restructuring liability is included within accrued liabilities in the Condensed Consolidated Balance Sheets. The Company anticipates the remaining payments associated with employee terminations will primarily be completed in fiscal year 2023.