XML 28 R12.htm IDEA: XBRL DOCUMENT
v3.21.2

Restructuring and Other Charges | 12 Months Ended
--- | ---
Sep. 30, 2021
Restructuring And Related Activities [Abstract] |
Restructuring and Other Charges | 4. Restructuring and Other Charges Restructuring and other charges, net includes restructuring charges (credits), headquarters relocation charges, and impairment and accretion expense charges related to the lease assets of exited facilities. Refer to Note 19. Leases for additional information about exited facilities. In 2021, restructuring and other charges, net totaled $2.2 million, of which $2.1 million is attributable to restructuring charges and $0.1 million is attributable to impairment and accretion expense related to exited lease facilities. We made cash payments related to restructuring charges of $6.7 million ($3.9 million related to the 2020 restructuring and $2.8 million in rent payments for the restructured facilities). In 2020, restructuring and other charges, net totaled $32.7 million, of which $26.4 million is attributable to restructuring charges, $5.6 million is attributable to impairment and accretion expense related to exited lease facilities, and $0.7 million is attributable to accelerated depreciation related to the planned exit of a facility. We made cash payments related to restructuring charges of $31.5 million ($27.3 million related to the 2020 restructuring, $3.9 million related to the 2019 restructuring, and $0.3 million related to a prior restructuring). In 2019, restructuring and other charges, net totaled $51.1 million, of which $48.6 million was attributable to restructuring charges ($0.2 million of which related to prior facility restructuring actions) and $2.5 million was attributable to headquarters relocation charges. We made cash payments related to restructuring charges of $24.7 million ($23.6 million related to the 2019 restructuring and $1.1 million related to a prior restructuring). Restructuring Charges In anticipation of a potential restructuring action, we incurred $1.7 million of professional fees in the fourth quarter of 2021. Refer to Note 20. Subsequent Events for additional information about this restructuring charge. During the first quarter of 2020, we initiated a restructuring program as part of a realignment associated with expected synergies and operational efficiencies related to the Onshape acquisition. In the year ended September 30, 2020, we incurred $30.8 million in connection with this restructuring plan for termination benefits associated with approximately 250 employees. In the year ended September 30, 2021, we recorded $0.2 million of charges related to this restructuring plan. During the first quarter of 2019, we initiated a restructuring plan to realign our workforce to shift investment to support Industrial Internet of Things and Augmented Reality strategic opportunities. The restructuring plan was completed in the first quarter of 2019 and resulted in restructuring charges of $16.3 million for termination benefits associated with approximately 240 employees, substantially all of which has been paid. In the year end ed September 30, 202 0, we recorded $0.1 million of credits related to this restructuring plan. During the second quarter of 2019, we relocated our worldwide headquarters to the Boston Seaport District. We incurred a restructuring charge for the former headquarters lease, which expires in November 2022. As a result, we bear overlapping rent obligations for those premises and, in 2019, we recorded restructuring charges of approximately $32.7 million, based on the net present value of remaining lease commitments net of estimated sublease income. Other costs associated with the move were recorded as incurred. In 2020, we recorded a $4.3 million net credit for accrued variable operating restructuring charges, primarily associated with the exit of a portion of our former headquarters lease under a partial buy-out agreement with the landlord. In 2021, we recorded restructuring charges of $0.3 million, primarily associated with maintenance and operating expenses. The following table summarizes restructuring accrual activity for the three years ended September 30, 2021:
(in thousands) |  | Employee severance and related benefits |  |  | Facility closures and other costs |  |  | Consolidated total |
Balance, September 30, 2018 |  | $ | — |  |  | $ | 2,415 |  |  | $ | 2,415 |
Charges to operations, net |  |  | 15,704 |  |  |  | 32,908 |  |  |  | 48,612 |
Cash disbursements |  |  | (15,402 | ) |  |  | (9,319 | ) |  |  | (24,721 | )
Other non-cash charges |  |  | — |  |  |  | 4,812 |  |  |  | 4,812 |
Foreign exchange impact |  |  | (4 | ) |  |  | (28 | ) |  |  | (32 | )
Balance, September 30, 2019 |  |  | 298 |  |  |  | 30,788 |  |  |  | 31,086 |
ASC 842 adoption |  |  | — |  |  |  | (16,462 | ) |  |  | (16,462 | )
Charges (credits) to operations, net |  |  | 30,690 |  |  |  | (4,263 | ) |  |  | 26,427 |
Cash disbursements |  |  | (27,256 | ) |  |  | (4,246 | ) |  |  | (31,502 | )
Other non-cash |  |  | — |  |  |  | 164 |  |  |  | 164 |
Foreign exchange impact |  |  | 260 |  |  |  | 14 |  |  |  | 274 |
Balance, September 30, 2020 |  |  | 3,992 |  |  |  | 5,995 |  |  |  | 9,987 |
Charges to operations, net |  |  | 1,887 |  |  |  | 249 |  |  |  | 2,136 |
Cash disbursements |  |  | (3,925 | ) |  |  | (2,756 | ) |  |  | (6,681 | )
Foreign exchange impact |  |  | 27 |  |  |  | 17 |  |  |  | 44 |
Balance, September 30, 2021 |  | $ | 1,981 |  |  | $ | 3,505 |  |  | $ | 5,486 |
The accrual for employee severance and related benefits is included in accrued compensation and benefits in the Consolidated Balance Sheets. Upon adoption of ASC 842, $16.5 million of accrued expenses and other current liabilities, representing the present value of lease commitments net of estimated sublease income, were reclassified to lease assets and obligations: $7.6 million to lease assets, $9.2 million to short-term lease obligations and $14.9 million to long-term lease obligations. As of September 30, 2021, the remaining restructuring facility accrual of $3.5 million relates to variable non-lease costs not subject to ASC 842, of which $2.6 million is included in accrued expenses and other current liabilities and $0.9 million is included in other liabilities in the Consolidated Balance Sheets. Of the accrual for facility closures and related costs, as of September 30, 2020, $2.8 million is included in accrued expenses and other current liabilities and $3.2 million is included in other liabilities in the Consolidated Balance Sheets. Other - Headquarters Relocation Charges Headquarters relocation charges represent other expenses associated with exiting our prior Needham headquarters facility and relocating to our worldwide headquarters in the Boston Seaport District. In 2019, we recorded $1.9 million of accelerated depreciation expense related to shortening the estimated useful lives of leasehold improvements related to the Needham location. Headquarters relocation charges for 2019 also included $0.6 million of rental expense for the Needham facility that overlapped with rental expense for the new Seaport headquarters.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration