Restructuring and Related Activities

9 Months Ended

Oct. 03, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities

Note 5 – Restructuring and Related Activities

In the third fiscal quarter of 2019, the Company announced global cost reduction and management rejuvenation programs as part of its continuous efforts to improve efficiency and operating performance.

The programs are primarily designed to reduce manufacturing fixed costs and selling, general, and administrative costs company-wide, and provide management rejuvenation.  The Company has incurred charges totalling $24,882, primarily related to cash severance costs, to implement these programs.  The Company expects these cost reductions to be fully achieved by December 2020.  All participants in the program are now identified.

The following table summarizes the activity to date related to this program:

Expense recorded in 2019	$	24,139
Cash paid		(1,330	)
Foreign currency translation		35
Balance at December 31, 2019	$	22,844
Expense recorded in 2020		743
Cash paid		(8,422	)
Foreign currency translation		655
Balance at October 3, 2020	$	15,820

The payment terms vary by country, but generally are paid in a lump sum at cessation of employment.  The current portion of the liability is $12,425 and is included in other accrued expenses on the consolidated condensed balance sheet.  The non-current portion of the liability is $3,395 and is included in other liabilities on the consolidated condensed balance sheet.