Restructuring, Impairment and Other Charges

12 Months Ended

Jan. 01, 2022

Restructuring and Related Activities [Abstract]

Restructuring, Impairment, and Other Charges

Restructuring, Impairment and Other Charges

The Company recorded restructuring, impairment and other charges for fiscal years 2021, 2020, and 2019 as follows:

	Fiscal Year Ended January 1, 2022
(in thousands)	Electronics		Transportation		Industrial		Total
Employee terminations	$	1,124	$	404	$	347	$	1,875
Other restructuring charges	—		283		—		283
Total restructuring charges	1,124		687		347		2,158
Total	$	1,124	$	687	$	347	$	2,158

	Fiscal Year Ended December 26, 2020
(in thousands)	Electronics		Transportation		Industrial		Total
Employee terminations	$	2,540	$	682	$	2,231	$	5,453
Other restructuring charges	—		175		10		185
Total restructuring charges	2,540		857		2,241		5,638
Impairment	—		33,841		2,237		36,078
Total	$	2,540	$	34,698	$	4,478	$	41,716

	Fiscal Year Ended December 28, 2019
(in thousands)	Electronics		Transportation		Industrial		Total
Employee terminations	$	5,313	$	4,251	$	795	$	10,359
Other restructuring charges	188		1,714		450		2,352
Total restructuring charges	5,501		5,965		1,245		12,711
Impairment	—		322		—		322
Total	$	5,501	$	6,287	$	1,245	$	13,033

2021

For the year ended January 1, 2022, the Company recorded total restructuring charges of $2.2 million, primarily for employee termination costs. These charges primarily related to the reorganization of certain manufacturing, selling and administrative functions within the Electronics and Transportation segments.

2020

For the year ended December 26, 2020, the Company recorded total restructuring charges of $5.6 million, primarily for employee termination costs. These charges primarily related to the reorganization of certain manufacturing, selling and administrative functions across all segments and the previously announced consolidation of a manufacturing facility within the Industrial segment. The Company also recognized $36.1 million of impairment charges, which included a $33.8 million goodwill impairment charge associated with the automotive sensors reporting unit within the Transportation segment in the second quarter of 2020 and a $2.2 million impairment charge related to the land and building associated with the Company’s previously announced consolidation of a manufacturing facility within the Industrial segment in the first quarter of 2020. See Note 5, Goodwill and Other Intangible Assets for further discussion regarding the goodwill impairment charge.

2019

For the year ended December 28, 2019, the Company recorded total restructuring charges of $12.7 million for employee termination costs and other restructuring charges. These charges primarily related to the reorganization of operations and selling, general and administrative functions as well as the integration of IXYS within the Electronics segment and the reorganization of operations in the automotive sensors and commercial vehicle products businesses within the Transportation segment. 

In April 2019, we announced the closure of a European manufacturing facility in the automotive sensors business within the Transportation segment. The Company recorded $1.7 million of employee termination costs and $1.4 million of other restructuring and impairment charges associated with this plant closure.

The restructuring reserves as of January 1, 2022 and December 26, 2020 are $2.9 million and $4.2 million, respectively. The restructuring reserves are included within accrued liabilities. Payments associated with employee terminations reflected in the above table were substantially completed by January 1, 2022. The Company anticipates that the remaining payments associated with employee terminations will be completed in fiscal 2022.