Restructuring Costs

3 Months Ended

Mar. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring Costs

Restructuring Costs

The Company initiated a restructuring plan within its Flow Control segment in the third quarter of 2023 to consolidate a small manufacturing operation into a larger facility in Germany. As part of this restructuring plan, the Company incurred restructuring and impairment costs totaling $400,000, including severance costs of $335,000 for the termination of 10 employees, facility and other closure costs of $29,000, and asset write-downs of $36,000.

The Company also incurred restructuring costs within its Flow Control segment of $366,000 in the fourth quarter of 2023 related to the termination of a contract at one of its operations in Germany.

A summary of the changes in accrued restructuring costs included in other current liabilities in the accompanying condensed consolidated balance sheet is as follows:

(In thousands)	Severance Costs		Contract Termination Costs		Total
2023 Restructuring Plans
Balance at December 30, 2023	$	201	$	313	$	514
Usage	(196)		(183)		(379)
Currency translation	(5)		(8)		(13)
Balance at March 30, 2024	$	—	$	122	$	122

The remaining accrued restructuring costs are expected to be paid by the end of the second quarter of 2024.