Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
The Company initiated a restructuring plan in 2023 to relocate two of its facilities and align its ongoing corporate strategy. In addition, the Company incurred costs associated with restructuring initiatives intended to improve operating performance, profitability and efficiency of business processes. Restructuring charges can include severance costs, relocations costs, recruiting fees affiliated with hiring new personnel, legal costs, and contract cancellation costs.

The Company records restructuring charges when they are probable and estimable. Restructuring costs are accrued when the Company announces the closure or restructuring event, and the amounts can be reasonably estimated. Restructuring costs are included in general and administrative expenses on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.

The Company’s restructuring expenses are comprised of the following:

(dollar amounts in tables in millions)
Three Months Ended
March 30, 2024 April 1, 2023
Severance and termination benefits $ 0.4  $ 0.1 
Legal, consulting, and other costs —  0.5 
Total Restructuring Charges $ 0.4  $ 0.6 

The following table summarizes the changes in the Company’s accrued restructuring balance, which are included in accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheets.
Balance at December 31, 2022
$ — 
Restructuring charges 0.6 
Payments (0.5)
Balance at April 1, 2023
$ 0.1 
Balance at December 30, 2023
$ — 
Restructuring charges 0.4 
Payments — 
Balance at March 30, 2024
$ 0.4