3 unchanged sentences
(In thousands)
−Removed: July 3, 2021 December 31, 2020
+Added: October 2, 2021 December 31, 2020
Current assets:
24 unchanged sentences
(In thousands)
−Removed: July 3, 2021 December 31, 2020
+Added: October 2, 2021 December 31, 2020
Liabilities and equity
30 unchanged sentences
Fiscal quarter ended
−Removed: July 3, 2021 June 27, 2020
+Added: October 2, 2021 September 26, 2020
Net revenues $ 81,974 $ 67,525
2 unchanged sentences
Selling, general, and administrative expenses 24,580 19,144
−Removed: Acquisition costs 1,198 —
−Removed: Impairment of goodwill and indefinite-lived intangibles 1,223 —
Restructuring costs — 84
3 unchanged sentences
Other 174 ( 39 )
−Removed: Other income (expense) ( 599 ) ( 1,540 )
+Added: Other expense ( 154 ) ( 348 )
Income before taxes 7,111 7,773
1 unchanged sentence
Net earnings 5,449 5,664
−Removed: net earnings (loss) attributable to noncontrolling interests 143 ( 12 )
+Added: net earnings attributable to noncontrolling interests 70 66
Net earnings attributable to VPG stockholders $ 5,379 $ 5,598
7 unchanged sentences
(Unaudited - In thousands, except per share amounts)
−Removed: Six fiscal months ended
−Removed: July 3, 2021 June 27, 2020
+Added: Nine fiscal months ended
+Added: October 2, 2021 September 26, 2020
Net revenues $ 227,902 $ 194,367
9 unchanged sentences
Other 421 ( 629 )
−Removed: Other income (expense) ( 331 ) ( 1,318 )
+Added: Other expense ( 485 ) ( 1,666 )
Income before taxes 18,143 15,070
1 unchanged sentence
Net earnings 14,455 10,703
−Removed: net earnings (loss) attributable to noncontrolling interests 125 ( 32 )
+Added: net earnings attributable to noncontrolling interests 195 34
Net earnings attributable to VPG stockholders $ 14,260 $ 10,669
8 unchanged sentences
Fiscal quarter ended
−Removed: July 3, 2021 June 27, 2020
+Added: October 2, 2021 September 26, 2020
Net earnings $ 5,449 $ 5,664
2 unchanged sentences
Pension and other postretirement actuarial items, net of tax 113 ( 137 )
−Removed: Other comprehensive income 716 3,119
+Added: Other comprehensive (loss) income ( 2,003 ) 2,342
Comprehensive income 3,446 8,006
−Removed: comprehensive income (loss) attributable to noncontrolling interests 143 ( 12 )
+Added: comprehensive income attributable to noncontrolling interests 70 66
Comprehensive income attributable to VPG stockholders $ 3,376 $ 7,940
3 unchanged sentences
(Unaudited - In thousands)
−Removed: Six fiscal months ended
−Removed: July 3, 2021 June 27, 2020
+Added: Nine fiscal months ended
+Added: October 2, 2021 September 26, 2020
Net earnings $ 14,455 $ 10,703
4 unchanged sentences
Comprehensive income 11,577 10,664
−Removed: comprehensive income (loss) attributable to noncontrolling interests 125 ( 32 )
+Added: comprehensive income attributable to noncontrolling interests 195 34
Comprehensive income attributable to VPG stockholders $ 11,382 $ 10,630
3 unchanged sentences
(Unaudited - In thousands)
−Removed: Six fiscal months ended
−Removed: July 3, 2021 June 27, 2020
+Added: Nine fiscal months ended
+Added: October 2, 2021 September 26, 2020
Operating activities
4 unchanged sentences
Loss from extinguishment of debt — 30
−Removed: Loss (gain) on sale of property and equipment 44 ( 143 )
+Added: Gain on sale of property and equipment ( 35 ) ( 140 )
Share-based compensation expense 1,328 1,137
34 unchanged sentences
Fiscal quarter ended
+Added: October 2, 2021
Stock Class B
7 unchanged sentences
Interests Total
−Removed: Balance at April 3, 2021 $ 1,320 $ 103 $ ( 8,765 ) $ 197,282 $ 105,036 $ ( 34,262 ) $ 260,714 $ ( 95 ) $ 260,619
+Added: Balance at July 3, 2021 $ 1,322 $ 103 $ ( 8,765 ) $ 197,856 $ 108,956 $ ( 33,546 ) $ 265,926 $ ( 8 ) $ 265,918
Net earnings — — — — 5,379 — 5,379 70 5,449
5 unchanged sentences
Distributions to noncontrolling interests — — — — — — — ( 77 ) ( 77 )
−Removed: Balance at July 3, 2021 $ 1,322 $ 103 $ ( 8,765 ) $ 197,856 $ 108,956 $ ( 33,546 ) $ 265,926 $ ( 8 ) $ 265,918
+Added: Balance at October 2, 2021 $ 1,322 $ 103 $ ( 8,765 ) $ 198,235 $ 114,335 $ ( 35,549 ) $ 269,681 $ ( 15 ) $ 269,666
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 $ 1,316 $ 103 $ ( 8,765 ) $ 196,709 $ 92,600 $ ( 43,203 ) $ 238,760 $ 347 $ 239,107
+Added: Balance at June 27, 2020 $ 1,317 $ 103 $ ( 8,765 ) $ 197,134 $ 94,359 $ ( 40,084 ) $ 244,064 $ 176 $ 244,240
— — — — 5,598 — 5,598 66 5,664
2 unchanged sentences
— — — 380 — — 380 — 380
−Removed: Restricted stock issuances ( 8,244 shares)
−Removed: 1 — — ( 1 ) — — — — —
−Removed: Purchase of noncontrolling interest — — — 48 — — 48 ( 301 ) ( 253 )
−Removed: Contribution from noncontrolling interests — — — — — — — 142 142
−Removed: Balance at June 27, 2020 $ 1,317 $ 103 $ ( 8,765 ) $ 197,134 $ 94,359 $ ( 40,084 ) $ 244,064 $ 176 $ 244,240
+Added: Distribution 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
See accompanying notes.
2 unchanged sentences
(Unaudited - In thousands, except share amounts)
−Removed: Six Fiscal Months Ended July 3, 2021
+Added: Nine Fiscal Months Ended October 2, 2021
Stock Class B
16 unchanged sentences
Distributions to noncontrolling interests — — — — — — — ( 244 ) ( 244 )
−Removed: Balance at July 3, 2021 $ 1,322 $ 103 $ ( 8,765 ) $ 197,856 $ 108,956 $ ( 33,546 ) $ 265,926 $ ( 8 ) $ 265,918
−Removed: Six Fiscal Months Ended June 27, 2020
+Added: Balance at October 2, 2021 $ 1,322 $ 103 $ ( 8,765 ) $ 198,235 $ 114,335 $ ( 35,549 ) $ 269,681 $ ( 15 ) $ 269,666
+Added: Nine Fiscal Months Ended September 26, 2020
Stock Class B
16 unchanged sentences
Contributions from noncontrolling interests — — — — — — — 35 35
−Removed: Balance at June 27, 2020 $ 1,317 $ 103 $ ( 8,765 ) $ 197,134 $ 94,359 $ ( 40,084 ) $ 244,064 $ 176 $ 244,240
+Added: Balance at September 26, 2020 $ 1,317 $ 103 $ ( 8,765 ) $ 197,514 $ 99,957 $ ( 37,742 ) $ 252,384 $ 160 $ 252,544
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, 2020 and 2019 and for each of the three years in the period ended December 31, 2020, included in VPG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 11, 2021.
−Removed: The results of operations for the fiscal quarter ended July 3, 2021 are not necessarily indicative of the results to be expected for the full year.
+Added: The results of operations for the fiscal quarter ended October 2, 2021 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.
16 unchanged sentences
Fiscal quarter ended
−Removed: July 3, 2021 Fiscal quarter ended
−Removed: June 27, 2020
+Added: October 2, 2021 Fiscal quarter ended
+Added: September 26, 2020
Foil Technology
12 unchanged sentences
Total $ 32,790 $ 17,704 $ 31,480 $ 81,974 $ 32,906 $ 13,862 $ 20,757 $ 67,525
−Removed: Six Fiscal Months Ended July 3, 2021 Six Fiscal Months Ended June 27, 2020
+Added: Nine Fiscal Months Ended October 2, 2021 Nine Fiscal Months Ended September 26, 2020
Foil Technology
13 unchanged sentences
The following table disaggregates net revenue from contracts with customers by market sector (in thousands) .
−Removed: Fiscal quarter ended Six fiscal months ended
−Removed: July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020
+Added: Fiscal quarter ended Nine fiscal months ended
+Added: October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020
Test & Measurement $ 15,883 $ 11,953 $ 46,578 $ 40,325
17 unchanged sentences
Balance at December 31, 2020 $ 3,605 $ 2,873
−Removed: Balance at July 3, 2021 4,656 4,525
+Added: Balance at October 2, 2021 6,113 6,018
(Decrease)/increase $ 2,508 $ 3,145
−Removed: The amount of revenue recognized during the six fiscal months ended July 3, 2021 that was included in the contract liability balance at December 31, 2020 was $ 2.4 million.
+Added: The amount of revenue recognized during the nine fiscal months ended October 2, 2021 that was included in the contract liability balance at December 31, 2020 was $ 2.6 million.
Practical Expedients
25 unchanged sentences
The Company recorded acquisition costs associated with this transaction as follows (in thousands ):
−Removed: Fiscal quarter ended Six fiscal months ended
−Removed: July 3, 2021 July 3, 2021
+Added: Fiscal quarter ended Nine fiscal months ended
+Added: October 2, 2021 October 2, 2021
Legal fees $ — $ 341
1 unchanged sentence
Other (investment banker and insurance costs) — 839
−Removed: $ 1,198 $ 1,198
Note 3 - Acquisition (continued)
−Removed: Included in the results of the operations of the Company, starting on June 1, 2021, are net revenues of $ 3.0 million and a net loss of $ 0.2 million from DTS for the fiscal quarter and six fiscal months ended July 3, 2021.
−Removed: DTS results include amortization of the inventory step-up of $ 0.9 million and amortization of intangible assets of $ 0.1 million.
+Added: Included in the results of the operations of the Company, starting on June 1, 2021, are net revenues of $ 7.6 million and $ 10.7 million from DTS for the fiscal quarter and nine fiscal months ended October 2, 2021 and net earnings of $ 0.3 million and $ 0.1 million for the fiscal quarter and nine fiscal months ended October 2, 2021.
+Added: DTS results include amortization of the inventory step-up of $ 1.3 million and $ 2.2 million for the fiscal quarter and nine fiscal months ended October 2, 2021, and amortization of intangible assets of $ 0.4 million and $ 0.5 million for the fiscal quarter and nine fiscal months ended October 2, 2021.
Following is the supplemental consolidated financial results for the Company on an unaudited pro forma basis, as if the DTS acquisition had been consummated on January 1, 2020:
−Removed: Fiscal quarter ended Six fiscal months ended Fiscal quarter ended Six fiscal months ended
−Removed: June 27, 2020 June 27, 2020 July 3, 2021 July 3, 2021
+Added: Fiscal quarter ended Nine fiscal months ended Fiscal quarter ended Nine fiscal months ended
+Added: September 26, 2020 September 26, 2020 October 2, 2021 October 2, 2021
Pro forma net revenues
12 unchanged sentences
The impairment was driven mainly by changes in forecasted projections including a slower growth rate in revenues.
−Removed: After considering the impact of the impairment charges, the carrying amount of goodwill and indefinite-lived trade names as of July 3, 2021 was $ 0.0 million and $ 0.3 million, respectively.
+Added: After considering the impact of the impairment charges, the carrying amount of goodwill and indefinite-lived trade names as of October 2, 2021 was $ 0.0 million and $ 0.3 million, respectively.
The change in the carrying amount of goodwill by segment is as follows (in thousands):
5 unchanged sentences
Foreign currency translation adjustment ( 6 ) 17 ( 23 ) — —
−Removed: Balance at July 3, 2021 $ 45,732 $ 6,906 $ 16,928 $ 15,587 $ 6,311 $ —
+Added: Balance at October 2, 2021 $ 45,560 $ 6,743 $ 16,919 $ 15,587 $ 6,311 $ —
Note 4 – Goodwill and Other Intangible Assets (continued)
Intangible assets were as follows (in thousands) :
−Removed: July 3, 2021 December 31, 2020
+Added: October 2, 2021 December 31, 2020
Intangible assets subject to amortization
18 unchanged sentences
The Company has preliminarily allocated $ 21.3 million of the purchase price to definite-lived intangible assets and $ 2.4 million to indefinite-lived intangible assets.
−Removed: Amortization expense for the fiscal quarter and six fiscal months ended July 3, 2021 was $ 0.7 million and $ 1.4 million, respectively.
−Removed: The DTS intangible assets accounted for $ 0.1 million of amortization expense for the fiscal quarter and six fiscal months ended July 3, 2021.
+Added: Amortization expense for the fiscal quarter and nine fiscal months ended October 2, 2021 was $ 1.0 million and $ 2.3 million, respectively.
+Added: The DTS intangible assets accounted for $ 0.4 million and $ 0.5 million of amortization expense for the fiscal quarter and nine fiscal months ended October 2, 2021.
Estimated annual amortization expense for the full year of 2021 and each of the next four years, is as follows ( in thousands) :
4 unchanged sentences
Note 5 - Leases (continued)
−Removed: Leases July 3, 2021 December 31, 2020
+Added: Leases October 2, 2021 December 31, 2020
Operating lease right of use asset $ 27,405 $ 21,788
2 unchanged sentences
Other information related to lease term and discount rate is as follows:
+Added: October 2, 2021
Operating leases weighted average remaining lease term (in years) 8.74 years
1 unchanged sentence
The components of lease expense are as follows (in thousands) :
−Removed: Fiscal quarter ended Six Fiscal Months Ended
−Removed: July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020
+Added: Fiscal quarter ended Nine Fiscal Months Ended
+Added: October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020
Operating lease cost $ 1,407 $ 1,164 $ 3,847 $ 3,177
3 unchanged sentences
Right of use assets obtained in exchange for new operating lease liability during 2021 were $ 9.1 million.
−Removed: The Company paid $ 2.4 million and $ 1.7 million for its operating leases for each of the six fiscal months ended July 3, 2021 and June 27, 2020, which are included in operating cash flows on the consolidated condensed statements of cash flows.
−Removed: Undiscounted maturities of operating lease payments as of July 3, 2021 are summarized as follows (in thousands) :
−Removed: 2021 (excluding the six months ended July 3, 2021) $ 2,596
+Added: The Company paid $ 3.8 million and $ 2.6 million for its operating leases for each of the nine fiscal months ended October 2, 2021 and September 26, 2020, which are included in operating cash flows on the consolidated condensed statements of cash flows.
+Added: Undiscounted maturities of operating lease payments as of October 2, 2021 are summarized as follows (in thousands) :
+Added: 2021 (excluding the nine months ended October 2, 2021) $ 1,322
Thereafter 15,757
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 July 3, 2021 was 6.1 % compared to 28.1 % for the fiscal quarter ended June 27, 2020, and the effective tax rate for the six fiscal months ended July 3, 2021 was 18.4 % compared to 30.9 % for the six fiscal months ended June 27, 2020.
+Added: The effective tax rate for the fiscal quarter ended October 2, 2021 was 23.4 % compared to 27.1 % for the fiscal quarter ended September 26, 2020, and the effective tax rate for the nine fiscal months ended October 2, 2021 was 20.3 % compared to 29.0 % for the nine fiscal months ended September 26, 2020.
The tax rate for both periods presented in 2021 is lower than the prior year periods primarily due to the acquisition of DTS, which enabled the Company to reduce its valuation allowance against deferred tax assets, tax rate changes in certain foreign jurisdictions, and changes in the mix of worldwide income.
11 unchanged sentences
Long-term debt consists of the following (in thousands) :
−Removed: July 3, 2021 December 31, 2020
+Added: October 2, 2021 December 31, 2020
2020 Credit Agreement - Revolving Facility $ 61,000 $ 41,000
12 unchanged sentences
Amounts reclassified from accumulated other comprehensive income (loss) — 431 431
−Removed: Balance at July 3, 2021 $ ( 26,784 ) $ ( 6,762 ) $ ( 33,546 )
+Added: Balance at October 2, 2021 $ ( 28,900 ) $ ( 6,649 ) $ ( 35,549 )
Foreign Currency Translation Adjustment Pension
4 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 )
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: July 3, 2021 Fiscal quarter ended
−Removed: June 27, 2020
+Added: October 2, 2021 Fiscal quarter ended
+Added: September 26, 2020
Plans Pension
4 unchanged sentences
Net periodic benefit cost $ 203 $ 31 $ 194 $ 98
−Removed: Six fiscal months ended July 3, 2021 Six fiscal months ended June 27, 2020
+Added: Nine fiscal months ended October 2, 2021 Nine fiscal months ended September 26, 2020
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 July 3, 2021, the Company had reserved 320,654 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 October 2, 2021, the Company had reserved 328,418 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.
16 unchanged sentences
The following table summarizes share-based compensation expense recognized (in thousands) :
−Removed: Fiscal quarter ended Six fiscal months ended
−Removed: July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020
+Added: Fiscal quarter ended Nine fiscal months ended
+Added: October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020
Restricted stock units $ 386 $ 380 $ 1,328 $ 1,137
6 unchanged sentences
VPG evaluates reporting segment performance based on multiple performance measures including third party net revenues, gross profits and operating income, exclusive of certain items.
−Removed: Management believes that evaluating segment performance, excluding items such as restructuring costs, executive severance costs, and other items is meaningful because it provides insight with respect to the intrinsic operating results of VPG.
+Added: Management believes that evaluating segment performance, excluding items such as restructuring costs and other items is meaningful because it provides insight with respect to the intrinsic operating results of VPG.
The following table sets forth reporting segment information (in thousands) :
Note 11 - Segment Information (continued)
−Removed: Fiscal quarter ended Six fiscal months ended
−Removed: July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020
+Added: Fiscal quarter ended Nine fiscal months ended
+Added: October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020
Net revenues:
26 unchanged sentences
Force Sensors — — — ( 108 )
+Added: Weighing and Control Systems — ( 61 ) — ( 61 )
Corporate/Other — — — ( 78 )
3 unchanged sentences
Note 11 - Segment Information (continued)
−Removed: Fiscal quarter ended Six fiscal months ended
−Removed: July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020
+Added: Fiscal quarter ended Nine fiscal months ended
+Added: October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020
Foil Technology Products to Force Sensors and Weighing and Control Systems $ 875 $ 858 $ 2,795 $ 2,451
2 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: July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020
+Added: Fiscal quarter ended Nine fiscal months ended
+Added: October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020
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: July 3, 2021 June 27, 2020 July 3, 2021 June 27, 2020
+Added: Fiscal quarter ended Nine fiscal months ended
+Added: October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020
Foreign exchange (loss) gain $ ( 38 ) $ 162 $ 522 $ ( 123 )
4 unchanged sentences
Foreign currency exchange gains and losses represent the impact of changes in foreign currency exchange rates.
−Removed: For the fiscal quarter ended July 3, 2021, 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, Japanese yen, the Israeli shekel and the British pound.
−Removed: For the six fiscal months ended July 3, 2021, 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 Japanese yen, the euro and the British pound
+Added: For the fiscal quarter ended October 2, 2021, 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 euro, the Israeli shekel and the British pound.
+Added: For the nine fiscal months ended October 2, 2021, 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 euro, the Israeli shekel, and the Japanese yen.
Note 14 – Fair Value Measurements
12 unchanged sentences
Inputs Level 3
+Added: October 2, 2021
Assets held in rabbi trusts $ 5,991 $ 61 $ 5,930 $ —
2 unchanged sentences
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 July 3, 2021 and December 31, 2020, and company-owned life insurance assets.
−Removed: The marketable securities held
+Added: Rabbi trust assets consist primarily of marketable securities, classified as available-for-sale money market funds at October 2, 2021 and December 31, 2020, and company-owned life insurance assets.
+Added: The marketable securities
Note 14 - Fair Value Measurements (continued)
−Removed: in the rabbi trusts are valued using quoted market prices on the last business day of the period.
+Added: held in the rabbi trusts are valued using quoted market prices on the last business day of the period.
The company-owned life insurance assets are valued in consultation with the Company’s insurance brokers using the value of underlying assets of the insurance contracts.
−Removed: 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 July 3, 2021 and December 31, 2020 approximates its carrying value as the revolving debt is reset on a monthly basis based on current market rates, plus a base rate as specified in the debt agreement.
+Added: The fair value measurement of the cash equivalents held in the rabbi trust are 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.
+Added: The fair value of the long-term debt, excluding capitalized deferred financing costs, at October 2, 2021 and December 31, 2020 approximates its carrying value as the revolving debt is reset on a monthly basis based on current market rates, plus a base rate as specified in the debt agreement.
The fair value of long-term debt is considered a Level 2 measurement within the fair value hierarchy.
6 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 $ 0.0 million and $ 0.5 million of restructuring costs during the fiscal quarter ended July 3, 2021 and June 27, 2020, respectively and $ 0.0 million and $ 0.6 million of restructuring costs during the six fiscal months ended July 3, 2021 and June 27, 2020, respectively.
+Added: The Company recorded $ 0.0 million and $ 0.1 million of restructuring costs during the fiscal quarter ended October 2, 2021 and September 26, 2020, respectively and $ 0.0 million and $ 0.7 million of restructuring costs during the nine fiscal months ended October 2, 2021 and September 26, 2020, 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 July 3, 2021 and December 31, 2020, respectively, is included in Other accrued expenses in the accompanying consolidated condensed balance sheets (in thousands) :
+Added: The accrued restructuring liability balance as of October 2, 2021 and December 31, 2020, respectively, is included in Other accrued expenses in the accompanying consolidated condensed balance sheets (in thousands) :
Balance at December 31, 2020 $ 63
Cash payments ( 43 )
−Removed: Balance at July 3, 2021 $ 12
+Added: Balance at October 2, 2021 $ 20
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.