Workforce Reduction, Retirement Expenses and Separation Expenses |
12 Months Ended | ||
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Jan. 01, 2022 | |||
Workforce Reduction, Retirement Expenses and Separation Expenses | |||
Workforce Reduction, Retirement Expenses and Separation Expenses |
Workforce Reduction Expenses. During fiscal 2019, we implemented a reduction in workforce. During fiscal 2019, we recorded charges of approximately $2.4 million related to the workforce reduction. Substantially all of these charges have resulted in cash payments, of which approximately $0.1 million, $0.8 million and $1.5 million were made during fiscal 2021, 2020, and 2019, respectively. Retirement Expenses. We entered into retirement agreements with two of our former executive vice presidents during the first quarter of 2019. The retirement and other benefits payable under the agreements are included in the estimated charges set forth above. Separation of Former President and Chief Executive Officer. During the fourth quarter of 2020, we recorded separation costs of $4.2 million for severance and other benefits payable pursuant to the terms of a separation agreement entered into in November 2020 with our former president and chief executive officer. Of this amount, approximately $1.7 million has resulted in cash payments, $1.6 million of which was paid in fiscal 2021. The remaining $2.5 million of separation costs relate to share-based compensation expense for shares that have vested in fiscal 2021 or may vest at the end of fiscal 2022 if certain company performance goals are achieved. |