Restructuring Charges |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring Charges | Restructuring Charges The COVID-19 pandemic has significantly impacted the global economy, and particularly the aerospace industry, resulting in reduced expectations of the Company’s anticipated future operating results. As a result, the Company executed restructuring activities in the form of workforce reduction, primarily in the second quarter of 2020, to align capacity with expected demand. Additional restructuring activities occurred during 2021 to align the workforce to expected activities and to consolidate certain facilities.
There were $0.1 million and in restructuring-related severance charges and other charges recorded in the three months ended April 2, 2022. There were no restructuring charges recorded in the three months ended April 3, 2021.
The following tables reconcile the beginning and ending liability for restructuring charges:
The liability is recorded within Accounts Payable ($0.9 million) and Accrued Expenses and Other Current Liabilities ($0.3 million) and is comprised of payments to be made under AeroSat’s non-cancelable inventory purchase commitments as well as employee termination benefits expected to be paid within the next 12 months. The non-cancelable purchase commitments are for inventory which was not expected to be purchased prior to the expiration date of such agreements as a result of the restructuring plan.
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