3 unchanged sentences
(In thousands)
−Removed: June 27, 2020 December 31, 2019
+Added: September 26, 2020 December 31, 2019
Current assets:
24 unchanged sentences
(In thousands)
−Removed: June 27, 2020 December 31, 2019
+Added: September 26, 2020 December 31, 2019
Liabilities and equity
30 unchanged sentences
Fiscal quarter ended
−Removed: June 27, 2020 June 29, 2019
+Added: September 26, 2020 September 28, 2019
Net revenues $ 67,525 $ 67,421
12 unchanged sentences
Net earnings 5,664 4,530
−Removed: net (loss) earnings attributable to noncontrolling interests ( 12 ) 15
+Added: net earnings attributable to noncontrolling interests 66 21
Net earnings attributable to VPG stockholders $ 5,598 $ 4,509
7 unchanged sentences
(Unaudited - In thousands, except per share amounts)
−Removed: Six fiscal months ended
−Removed: June 27, 2020 June 29, 2019
+Added: Nine fiscal months ended
+Added: September 26, 2020 September 28, 2019
Net revenues $ 194,367 $ 214,816
12 unchanged sentences
Net earnings 10,703 18,436
−Removed: net (loss) earnings attributable to noncontrolling interests ( 32 ) 98
+Added: net earnings attributable to noncontrolling interests 34 119
Net earnings attributable to VPG stockholders $ 10,669 $ 18,317
8 unchanged sentences
Fiscal quarter ended
−Removed: June 27, 2020 June 29, 2019
+Added: September 26, 2020 September 28, 2019
Net earnings $ 5,664 $ 4,530
4 unchanged sentences
Comprehensive income 8,006 1,950
−Removed: comprehensive (loss) income attributable to noncontrolling interests ( 12 ) 15
+Added: comprehensive income attributable to noncontrolling interests 66 21
Comprehensive income attributable to VPG stockholders $ 7,940 $ 1,929
3 unchanged sentences
(Unaudited - In thousands)
−Removed: Six fiscal months ended
−Removed: June 27, 2020 June 29, 2019
+Added: Nine fiscal months ended
+Added: September 26, 2020 September 28, 2019
Net earnings $ 10,703 $ 18,436
4 unchanged sentences
Comprehensive income 10,664 16,992
−Removed: comprehensive income (loss) attributable to noncontrolling interests ( 32 ) 98
+Added: comprehensive income attributable to noncontrolling interests 34 119
Comprehensive income attributable to VPG stockholders $ 10,630 $ 16,873
3 unchanged sentences
(Unaudited - In thousands)
−Removed: Six fiscal months ended
−Removed: June 27, 2020 June 29, 2019
+Added: Nine fiscal months ended
+Added: September 26, 2020 September 28, 2019
Operating activities
3 unchanged sentences
Loss from extinguishment of debt 30 —
−Removed: Gain on disposal of property and equipment ( 143 ) ( 50 )
+Added: Gain on sale of property and equipment ( 140 ) ( 100 )
+Added: Reclassification of foreign currency translation adjustment related to disposal of subsidiary — ( 827 )
Share-based compensation expense 1,137 1,592
16 unchanged sentences
Principal payments on long-term debt ( 3,459 ) ( 3,461 )
−Removed: Repayments of principal upon termination of long-term borrowings ( 3,352 ) —
Debt issuance costs ( 402 ) —
Purchase of noncontrolling interest ( 253 ) —
−Removed: Contributions from noncontrolling interests 117 2
+Added: Contributions from (distributions to) noncontrolling interests 35 ( 45 )
Payments of employee taxes on certain share-based arrangements ( 813 ) ( 854 )
15 unchanged sentences
Fiscal quarter ended
−Removed: June 27, 2020
+Added: September 26, 2020
Stock Class B
7 unchanged sentences
Interests Total
−Removed: Balance at March 28, 2020
−Removed: $ 1,316 $ 103 $ ( 8,765 ) $ 196,709 $ 92,600 $ ( 43,203 ) $ 238,760 $ 347 $ 239,107
−Removed: Net earnings (loss)
−Removed: — — — — 1,759 — 1,759 ( 12 ) 1,747
−Removed: Other comprehensive loss
+Added: Balance at June 27, 2020
$ 1,317 $ 103 $ ( 8,765 ) $ 197,134 $ 94,359 $ ( 40,084 ) $ 244,064 $ 176 $ 244,240
+Added: Net earnings — — — — 5,598 — 5,598 66 5,664
+Added: Other comprehensive income — — — — — 2,342 2,342 — 2,342
Share-based compensation expense
— — — 380 — — 380 — 380
−Removed: Restricted stock issuances ( 8,244 shares)
−Removed: 1 — — ( 1 ) — — — — —
−Removed: Purchase of noncontrolling interest — — — 48 — — 48 ( 301 ) ( 253 )
−Removed: Contributions from noncontrolling interests
−Removed: — — — — — — — 142 142
−Removed: Balance at June 27, 2020
+Added: Distributions to noncontrolling interests — — — — — — — ( 82 ) ( 82 )
+Added: Balance at September 26, 2020
$ 1,317 $ 103 $ ( 8,765 ) $ 197,514 $ 99,957 $ ( 37,742 ) $ 252,384 $ 160 $ 252,544
Fiscal quarter ended
−Removed: June 29, 2019
+Added: September 28, 2019
Stock Class B
7 unchanged sentences
Interests Total
−Removed: Balance at March 30, 2019
−Removed: $ 1,311 $ 103 $ ( 8,765 ) $ 196,578 $ 75,343 $ ( 36,779 ) $ 227,791 $ 87 $ 227,878
+Added: Balance at June 29, 2019
$ 1,312 $ 103 $ ( 8,765 ) $ 196,875 $ 80,908 $ ( 36,329 ) $ 234,104 $ 138 $ 234,242
−Removed: Other comprehensive income
— — — 4,509 4,509 21 4,530
+Added: Other comprehensive loss — — — — — ( 2,580 ) ( 2,580 ) — ( 2,580 )
Share-based compensation expense
— — — 506 — — 506 — 506
−Removed: Restricted stock issuances ( 11,295 shares)
−Removed: 1 — — ( 275 ) — — ( 274 ) — ( 274 )
−Removed: Contributions from noncontrolling interests
−Removed: — — — — — — — 36 36
−Removed: Balance at June 29, 2019
+Added: Distributions to noncontrolling interests — — — — — — — ( 47 ) ( 47 )
+Added: Balance at September 28, 2019
$ 1,312 $ 103 $ ( 8,765 ) $ 197,381 $ 85,417 $ ( 38,909 ) $ 236,539 $ 112 $ 236,651
3 unchanged sentences
(Unaudited - In thousands, except share amounts)
−Removed: Six Fiscal Months Ended June 27, 2020
+Added: Nine Fiscal Months Ended September 26, 2020
Stock Class B
8 unchanged sentences
Balance at December 31, 2019 $ 1,312 $ 103 $ ( 8,765 ) $ 197,125 $ 89,288 $ ( 37,703 ) $ 241,360 $ 392 $ 241,752
−Removed: Net earnings (loss)
−Removed: — — — — 5,071 — 5,071 ( 32 ) 5,039
+Added: Net earnings — — — — 10,669 — 10,669 34 10,703
Other comprehensive loss
7 unchanged sentences
— — — — — — — 35 35
−Removed: Balance at June 27, 2020 $ 1,317 $ 103 $ ( 8,765 ) $ 197,134 $ 94,359 $ ( 40,084 ) $ 244,064 $ 176 $ 244,240
−Removed: Six Fiscal Months Ended June 29, 2019
+Added: Balance at September 26, 2020 $ 1,317 $ 103 $ ( 8,765 ) $ 197,514 $ 99,957 $ ( 37,742 ) $ 252,384 $ 160 $ 252,544
+Added: Nine Fiscal Months Ended September 28, 2019
Stock Class B
9 unchanged sentences
— — — — 18,317 — 18,317 119 18,436
−Removed: Other comprehensive income
−Removed: — — — — — 1,136 1,136 — 1,136
+Added: Other comprehensive loss — — — — — ( 1,444 ) ( 1,444 ) — ( 1,444 )
Share-based compensation expense
4 unchanged sentences
— — — — 531 — 531 — 531
−Removed: Contributions from noncontrolling interests
−Removed: — — — — — — — 2 2
−Removed: Balance at June 29, 2019 $ 1,312 $ 103 $ ( 8,765 ) $ 196,875 $ 80,908 $ ( 36,329 ) $ 234,104 $ 138 $ 234,242
+Added: Distributions to noncontrolling interests — — — — — — — ( 45 ) ( 45 )
+Added: Balance at September 28, 2019 $ 1,312 $ 103 $ ( 8,765 ) $ 197,381 $ 85,417 $ ( 38,909 ) $ 236,539 $ 112 $ 236,651
See accompanying notes.
9 unchanged sentences
These financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of December 31, 2019 and 2018 and for each of the three years in the period ended December 31, 2019, included in VPG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on March 11, 2020.
−Removed: The results of operations for the fiscal quarter ended June 27, 2020 are not necessarily indicative of the results to be expected for the full year.
+Added: The results of operations for the fiscal quarter ended September 26, 2020 are not necessarily indicative of the results to be expected for the full year.
VPG reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first quarter, which always begins on January 1, and the fourth quarter, which always ends on December 31.
34 unchanged sentences
Fiscal quarter ended
−Removed: June 27, 2020 Fiscal quarter ended
−Removed: June 29, 2019
+Added: September 26, 2020 Fiscal quarter ended
+Added: September 28, 2019
Foil Technology
12 unchanged sentences
Total $ 32,906 $ 13,862 $ 20,757 $ 67,525 $ 32,119 $ 16,217 $ 19,085 $ 67,421
−Removed: Six Fiscal Months Ended June 27, 2020 Six Fiscal Months Ended June 29, 2019
+Added: Nine Fiscal Months Ended September 26, 2020 Nine Fiscal Months Ended September 28, 2019
Foil Technology
16 unchanged sentences
Note 2 – Revenues (continued)
−Removed: Fiscal quarter ended Six fiscal months ended
−Removed: June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019
+Added: Fiscal quarter ended Nine fiscal months ended
+Added: September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019
Test & Measurement $ 11,953 $ 16,203 $ 40,325 $ 51,804
16 unchanged sentences
Balance at December 31, 2019 $ 3,937 $ 4,561
−Removed: Balance at June 27, 2020 3,511 5,795
+Added: Balance at September 26, 2020 2,993 4,079
(Decrease)/increase $ ( 944 ) $ ( 482 )
−Removed: The amount of revenue recognized during the six fiscal months ended June 27, 2020 that was included in the contract liability balance at December 31, 2019 was $ 3.7 million.
+Added: The amount of revenue recognized during the nine fiscal months ended September 26, 2020 that was included in the contract liability balance at December 31, 2019 was $ 4.2 million.
Practical Expedients
29 unchanged sentences
Following is the supplemental consolidated financial results for the Company on an unaudited pro forma basis, as if the DSI acquisition had been consummated on January 1, 2019:
−Removed: Fiscal quarter ended Six fiscal months ended
−Removed: June 29, 2019 June 29, 2019
+Added: Fiscal quarter ended Nine fiscal months ended
+Added: September 28, 2019 September 28, 2019
Pro forma net revenues
13 unchanged sentences
Foreign currency translation adjustment ( 138 ) ( 153 ) 15 — —
−Removed: Balance at June 27, 2020 $ 34,588 $ 6,284 $ 18,451 $ 6,311 $ 3,542
+Added: Balance at September 26, 2020 $ 34,724 $ 6,406 $ 18,465 $ 6,311 $ 3,542
Note 5 – Leases
13 unchanged sentences
The Company also made an election to exclude from balance sheet reporting leases with initial terms of 12 months or less and to exclude non-lease components from lease right of use assets and corresponding liabilities.
−Removed: The Company primarily leases office and manufacturing facilities in addition to vehicles, which have remaining terms of less than one year to six years .
+Added: The Company primarily leases office and manufacturing facilities in addition to vehicles, which have remaining terms of less than one year to twelve years .
The Company has no finance leases.
One of the Company's indirect wholly-owned subsidiaries entered into a lease agreement as tenant related to a property in Israel.
−Removed: Such lease agreement provides that we will lease a new building containing approximately 121,400 square feet.
The facility was made available to the Company during the second quarter of 2020, at which time the Company established an operating right of use asset and operating lease liability, with a lease term of 12.5 years, of $ 14.8 million, in accordance with the terms of the lease agreement.
Leases recorded on the balance sheet consist of the following (in thousands) :
−Removed: Leases June 27, 2020 December 31, 2019
+Added: Leases September 26, 2020 December 31, 2019
Operating lease right of use asset $ 21,846 $ 8,691
2 unchanged sentences
Other information related to lease term and discount rate is as follows:
−Removed: June 27, 2020
+Added: September 26, 2020
Operating leases weighted average remaining lease term (in years) 9.15 years
1 unchanged sentence
The components of lease expense are as follows (in thousands) :
−Removed: Fiscal quarter ended Six Fiscal Months Ended
−Removed: June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019
+Added: Fiscal quarter ended Nine Fiscal Months Ended
+Added: September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019
Operating lease cost $ 1,164 $ 866 $ 3,177 $ 2,501
3 unchanged sentences
Right of use assets obtained in exchange for new operating lease liability during 2020 were $ 15.7 million.
−Removed: The Company paid $ 1.7 million for its operating leases for each of the six fiscal months ended June 27, 2020 and June 29, 2019, which are included in operating cash flows on the consolidated condensed statements of cash flows.
−Removed: Undiscounted maturities of operating lease payments as of June 27, 2020 are summarized as follows (in thousands) :
+Added: The Company paid $ 2.6 million for its operating leases for each of the nine fiscal months ended September 26, 2020 and September 28, 2019, which are included in operating cash flows on the consolidated condensed statements of cash flows.
+Added: Undiscounted maturities of operating lease payments as of September 26, 2020 are summarized as follows (in thousands) :
Note 5 - Leases (continued)
−Removed: 2020 (excluding the six months ended June 27, 2020) $ 2,113
+Added: 2020 (excluding the nine months ended September 26, 2020) $ 1,318
Thereafter 11,991
4 unchanged sentences
VPG calculates the tax provision for interim periods using an estimated annual effective tax rate methodology based on projected full-year pre-tax earnings among the taxing jurisdictions in which we operate with adjustments for discrete items.
−Removed: The effective tax rate for the fiscal quarter ended June 27, 2020 was 28.1 % compared to 26.4 % for the fiscal quarter ended June 29, 2019.
−Removed: The effective tax rate for the six fiscal months ended June 27, 2020 was 30.9 % compared to 26.9 % for the six fiscal months ended June 29, 2019.
−Removed: The tax rate in the current fiscal quarter is higher than the prior year fiscal quarter, primarily due to changes in the mix of worldwide income.
+Added: The effective tax rate for the fiscal quarter ended September 26, 2020 was 27.1 % compared to 29.3 % for the fiscal quarter ended September 28, 2019.
+Added: The effective tax rate for the nine fiscal months ended September 26, 2020 was 29.0 % compared to 27.5 % for the nine fiscal months ended September 28, 2019.
+Added: The tax rate for the nine fiscal months of 2020 is higher than the prior year period primarily due to changes in the mix of worldwide income.
The Company and its subsidiaries are subject to income taxes imposed by the U.S., various states, and the foreign jurisdictions in which we operate.
8 unchanged sentences
Long-term debt consists of the following (in thousands) :
−Removed: June 27, 2020 December 31, 2019
+Added: September 26, 2020 December 31, 2019
2020 Credit Agreement - Revolving Facility $ 41,000 $ —
38 unchanged sentences
Amounts reclassified from accumulated other comprehensive income (loss) — ( 448 ) ( 448 )
−Removed: Balance at June 27, 2020 $ ( 32,831 ) $ ( 7,253 ) $ ( 40,084 )
+Added: Balance at September 26, 2020 $ ( 30,352 ) $ ( 7,390 ) $ ( 37,742 )
Foreign Currency Translation Adjustment Pension
4 unchanged sentences
Amounts reclassified from accumulated other comprehensive income (loss) ( 827 ) 164 ( 663 )
−Removed: Balance at June 29, 2019 $ ( 30,368 ) $ ( 5,961 ) $ ( 36,329 )
+Added: Balance at September 28, 2019 $ ( 32,927 ) $ ( 5,982 ) $ ( 38,909 )
+Added: Reclassification of foreign currency translation adjustment for a gain on liquidation of a subsidiary is included in other income (expense) other ( see Note 13).
Reclassifications of pension and other postretirement actuarial items out of accumulated other comprehensive income (loss) are included in the computation of net periodic benefit cost (see Note 9).
4 unchanged sentences
Fiscal quarter ended
−Removed: June 27, 2020 Fiscal quarter ended
−Removed: June 29, 2019
+Added: September 26, 2020 Fiscal quarter ended
+Added: September 28, 2019
Plans Pension
4 unchanged sentences
Net periodic benefit cost $ 194 $ 98 $ 156 $ 116
−Removed: Six fiscal months ended June 27, 2020 Six fiscal months ended June 29, 2019
+Added: Nine fiscal months ended September 26, 2020 Nine fiscal months ended September 28, 2019
Plans Pension
7 unchanged sentences
2010 Stock Incentive Program (as amended and restated, the “Plan”) permits the issuance of up to 1,000,000 shares of common stock.
−Removed: At June 27, 2020, the Company had reserved 371,637 shares of common stock for future grants of equity awards (restricted stock, unrestricted stock, restricted stock units ("RSUs"), or stock options) pursuant to the Plan.
+Added: At September 26, 2020, the Company had reserved 371,637 shares of common stock for future grants of equity awards (restricted stock, unrestricted stock, restricted stock units ("RSUs"), or stock options) pursuant to the Plan.
If any outstanding awards are forfeited by the holder or canceled by the Company, the underlying shares would be available for re-grant to others.
15 unchanged sentences
The following table summarizes share-based compensation expense recognized (in thousands) :
−Removed: Fiscal quarter ended Six fiscal months ended
−Removed: June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019
+Added: Fiscal quarter ended Nine fiscal months ended
+Added: September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019
Restricted stock units $ 380 $ 506 $ 1,137 $ 1,592
8 unchanged sentences
The following table sets forth reporting segment information (in thousands) :
−Removed: Fiscal quarter ended Six fiscal months ended
−Removed: June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019
+Added: Fiscal quarter ended Nine fiscal months ended
+Added: September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019
Net revenues:
19 unchanged sentences
Force Sensors $ — $ ( 429 ) $ ( 108 ) $ ( 429 )
+Added: Weighing and Control Systems ( 61 ) — ( 61 ) —
Corporate/Other — ( 118 ) ( 78 ) ( 118 )
3 unchanged sentences
$ — $ — $ — $ ( 611 )
+Added: Note 11 - Segment Information (continued)
Products are transferred between segments on a basis intended to reflect, as nearly as practicable, the market value of the products.
The table below summarizes intersegment sales (in thousands) :
−Removed: Note 11 - Segment Information (continued)
−Removed: Fiscal quarter ended Six fiscal months ended
−Removed: June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019
+Added: Fiscal quarter ended Nine fiscal months ended
+Added: September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019
Foil Technology Products to Force Sensors and Weighing and Control Systems $ 858 $ 1,011 $ 2,451 $ 3,018
3 unchanged sentences
The following table sets forth the computation of basic and diluted earnings per share attributable to VPG stockholders (in thousands, except earnings per share) :
−Removed: Fiscal quarter ended Six fiscal months ended
−Removed: June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019
+Added: Fiscal quarter ended Nine fiscal months ended
+Added: September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019
Numerator for basic earnings per share:
14 unchanged sentences
The caption “Other” on the consolidated condensed statements of operations consists of the following (in thousands) :
−Removed: Fiscal quarter ended Six fiscal months ended
−Removed: June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019
+Added: Fiscal quarter ended Nine fiscal months ended
+Added: September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019
Foreign exchange gain (loss) $ 162 $ ( 306 ) $ ( 123 ) $ ( 1,360 )
4 unchanged sentences
Foreign currency exchange gains and losses represent the impact of changes in foreign currency exchange rates.
−Removed: For the fiscal quarter and six fiscal months ended June 27, 2020, the change in foreign exchange gains and losses during the period, as compared to the prior year period, is largely due to exposure to currency fluctuations with the Canadian dollar, the Israeli Shekel, and the British pound.
+Added: For the fiscal quarter and nine fiscal months ended September 26, 2020, the change in foreign exchange gains and losses during the period, as compared to the prior year period, is largely due to exposure to currency fluctuations with the Canadian dollar, the Israeli Shekel, the Euro, and the British pound.
+Added: Included in Other for the fiscal quarter and nine fiscal months ended September 28, 2019, respectively, is a one-time $ 0.8 million gain on liquidation of one of the Company's subsidiaries.
Executive Severance Costs
11 unchanged sentences
The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis (in thousands) :
+Added: Note 14 - Fair Value Measurements (continued)
Fair value measurements at reporting date using:
2 unchanged sentences
Inputs Level 3
−Removed: June 27, 2020
+Added: September 26, 2020
Assets held in rabbi trusts $ 5,224 $ 80 $ 5,144 $ —
1 unchanged sentence
Assets held in rabbi trusts $ 5,169 $ 53 $ 5,116 $ —
−Removed: Note 14 - Fair Value Measurements (continued)
The Company maintains non-qualified trusts, referred to as “rabbi” trusts, to fund payments under deferred compensation and non-qualified pension plans.
−Removed: Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale money market funds at June 27, 2020 and December 31, 2019, and company-owned life insurance assets.
+Added: Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale money market funds at September 26, 2020 and December 31, 2019, and company-owned life insurance assets.
The marketable securities held in the rabbi trusts are valued using quoted market prices on the last business day of the period.
1 unchanged sentence
The fair value measurement of the marketable securities held in the rabbi trust is considered a Level 1 measurement and the measurement of the company-owned life insurance assets is considered a Level 2 measurement within the fair value hierarchy.
−Removed: The fair value of the long-term debt, excluding capitalized deferred financing costs, at June 27, 2020 and December 31, 2019 approximates its carrying value.
−Removed: The revolving debt and term loans are reset on a quarterly basis based on current market rates, plus a base rate as specified in the corresponding debt agreements.
+Added: The fair value of the long-term debt, excluding capitalized deferred financing costs, at September 26, 2020 and December 31, 2019 approximates its carrying value.
+Added: The revolving debt at September 26, 2020 is reset on a monthly basis based on current market rates, plus a base rate as specified in the debt agreement.
+Added: The revolving debt and term loans at December 31, 2019 were reset on a quarterly basis based on current market rates, plus a base rate as specified in the corresponding debt agreements.
The fair value of long-term debt is considered a Level 2 measurement within the fair value hierarchy.
5 unchanged sentences
If the initial estimates are too low or too high, the Company could be required to either record additional expense in future periods or to reverse part of the previously recorded charges.
−Removed: The Company recorded $ 0.5 million and $ 0.0 million of restructuring costs during the fiscal quarter ended June 27, 2020 and June 29, 2019, respectively, and $ 0.6 million and $ 0.0 million for the six fiscal months ended June 27, 2020 and June 29, 2019, respectively.
+Added: The Company recorded $ 0.1 million and $ 0.5 million of restructuring costs during the fiscal quarter ended September 26, 2020 and September 28, 2019, respectively, and $ 0.7 million and $ 0.5 million for the nine fiscal months ended September 26, 2020 and September 28, 2019, respectively.
Restructuring costs were comprised primarily of employee terminations costs, including severance and statutory retirement allowances, and were incurred in connections with various cost reduction programs.
The following table summarizes recent activity related to all restructuring programs.
−Removed: The accrued restructuring liability balance as of June 27, 2020 and December 31, 2019, respectively, is included in Other accrued expenses in the accompanying consolidated condensed balance sheets (in thousands) :
+Added: The accrued restructuring liability balance as of September 26, 2020 and December 31, 2019, respectively, is included in Other accrued expenses in the accompanying consolidated condensed balance sheets (in thousands) :
Balance at December 31, 2019 $ 604
2 unchanged sentences
Foreign currency translation ( 2 )
−Removed: Balance at June 27, 2020 $ 403
+Added: Balance at September 26, 2020 $ 175
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.