KADANT INC
For the period ended Jun 29, 2024. Filed Aug 7, 2024.
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Jun 29, 2024 · Filed Aug 7, 2024
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(Note 3)
- Restructuring and Other 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 | (195) | (303) | (498) |
| Currency translation | (6) | (10) | (16) |
| Balance at June 29, 2024 | $— | $— | $— |
The Company incurred costs of $74,000 in the three- and six-month periods ended July 1, 2023 within its Industrial Processing segment related to the write-down of certain fixed assets that were not moved to a new manufacturing facility in China and facility moving costs.
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