Subsequent Events |
9 Months Ended |
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Sep. 28, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events On October 15, 2024, the Company announced that David C. Burney, the Company’s current CFO, will retire on January 3, 2025. The Company entered into a Transition and Retirement Agreement which granted certain benefits related to the retirement. Accordingly, in the fourth quarter of 2024, the Company expects to record non-cash charges of approximately $0.5 million in accelerated RSU expense within SG&A and approximately $0.7 million in non-cash charge within Other Expense for the waiver of the early retirement penalty in the SERP II.
In October 2024, the Company offered a voluntary separation program to certain workers in our Test Systems segment to align the workforce and management structure with near-term revenue expectations and operational needs. We expect to record severance and related benefits expense of approximately $1 million in the fourth quarter. These initiatives are expected to provide annualized savings of approximately $2 million, beginning with the first quarter of 2025.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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