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Restructuring Charges

12 Months Ended

Sep. 25, 2021

Restructuring and Related Activities [Abstract]

Restructuring Charges

Restructuring and Divestiture Charges

The Company evaluates its operations for opportunities to improve operational effectiveness and efficiency, including facility and operations consolidation, and to better align expenses with revenues. As a result of these assessments, the Company has undertaken various restructuring actions which are described below. The following table displays charges taken related to restructuring actions in fiscal 2021, 2020 and 2019 and a rollforward of the charges to the accrued balances as of September 25, 2021:

			Fiscal 2021 Actions						Fiscal 2020 Actions						Fiscal 2019 Actions						Other												Total
Restructuring Charges
Fiscal 2019 charges:
Workforce reductions			$	—					$	—					$	4.0					$	1.4											$	5.4
Facility closure costs			—						—						—						1.2												1.2
Fiscal 2019 restructuring charges			$	—					$	—					$	4.0					$	2.6											$	6.6
Fiscal 2020 charges:
Workforce reductions			$	—					$	13.2					$	0.3					$	(0.1)											$	13.4
Facility closure costs			—						1.9						—						—												1.9
Fiscal 2020 restructuring charges			$	—					$	15.1					$	0.3					$	(0.1)											$	15.3
Fiscal 2021 charges:
Workforce reductions			$	8.7					$	0.6					$	—					$	—											$	9.3
Fiscal 2021 restructuring charges			$	8.7					$	0.6					$	—					$	—											$	9.3

			Fiscal 2021 Actions						Fiscal 2020 Actions						Fiscal 2019 Actions						Fiscal 2018 Actions						Previous Other Charges						Total
Rollforward of Accrued Restructuring
Balance as of September 29, 2018			$	—					$	—					$	—					$	4.3					$	4.8					$	9.1
Fiscal 2019 restructuring charges			$	—					$	—					$	4.0					$	1.2					$	1.4					$	6.6
Severance payments and adjustments			—						—						(3.0)						(3.9)						(0.8)						(7.7)
Other payments			—						—						—						(0.5)						(1.6)						(2.1)
Balance as of September 28, 2019			$	—					$	—					$	1.0					$	1.1					$	3.8					$	5.9
Fiscal 2020 restructuring charges			$	—					$	15.1					$	0.3					$	(0.1)					$	—					$	15.3
Stock-based compensation			—						(7.5)						—						—						—						(7.5)
Severance payments and adjustments			—						(4.4)						(1.3)						(0.2)						—						(5.9)
Other payments and adjustments (1)			—						0.5						—						—						(3.8)						(3.3)
Balance as of September 26, 2020			$	—					$	3.7					$	—					$	0.8					$	—					$	4.5
Fiscal 2021 restructuring charges			$	8.7					$	0.6					$	—					$	—					$	—					$	9.3
Stock-based compensation			(0.9)						—						—						—						—						(0.9)
Severance payments and adjustments			(4.6)						(3.4)						—						(0.8)						—						(8.8)
Balance as of September 25, 2021			$	3.2					$	0.9					$	—					$	—					$	—					$	4.1

(1) In fiscal 2020, as part of the adoption of ASC 842, the Company reclassified $3.8 million from a lease liability to offset the right of use asset on the Company's consolidated balance sheet.

Fiscal 2021 Actions

During fiscal 2021, the Company made various decisions to terminate certain individuals across all divisions in multiple departments and close certain manufacturing facilities for minor product lines. The Company recorded $8.7 million for severance and benefits related to these actions, which occurred in the U.S. and various international locations. The charges were recorded pursuant to ASC 712, Compensation-Nonretirement Postemployment Benefits (ASC 712) or ASC 420, Exit or Disposal Cost Obligations (ASC 420), depending on the employee.

Fiscal 2020 Actions

During fiscal 2020, the Company made various decisions to terminate certain personnel across all divisions in multiple departments, transfer production and close certain manufacturing facilities for minor product lines. The Company recorded charges totaling $13.4 million for severance and benefits related to these actions. The charges were recorded pursuant to ASC 712 or ASC 420, depending on the employee. Included within this charge was $5.0 million related to the modification of equity awards for a certain executive. These actions are complete.

During the second quarter of fiscal 2020, the Company recorded net divestiture charges of $1.9 million. The charge included $1.3 million to dispose of the Company's life sciences testing business located in the UK, which performed research testing for pharmaceutical companies. Separately, in connection with the Cynosure divestiture, the Company accelerated stock compensation expense and other benefits of $2.6 million, partially offset by other adjustments of $2.0 million.

Fiscal 2019 Actions

During fiscal 2019, the Company decided to transfer certain shared services positions to its Costa Rica facility from its Marlborough location and announced the termination of certain personnel and implemented other employee termination actions. The charges for these actions were recorded pursuant to ASC 420 for one-time termination benefits. The Company recorded severance benefits charges of $4.0 million in fiscal 2019 related to these actions and this action was completed in the first quarter of fiscal 2020. The Company also recorded $1.0 million of severance charges in fiscal 2019 related to 2018 actions that were recorded pursuant to ASC 420.

Other

In connection with the closure of the Bedford location during the first quarter of fiscal 2017, the Company recorded $3.5 million for lease obligation charges related to the first floor of the facility as the Company determined it had met the cease-use date criteria. The Company made certain assumptions regarding the time period it would take to obtain a subtenant and the sublease rates it could obtain. During the third quarter of fiscal 2017, the Company updated its assumption regarding the time period it would take to obtain a subtenant at the Bedford location and as a result recorded an additional $1.3 million lease obligation charge. During the third quarter of fiscal 2018, the Company further adjusted its assumptions and lowered the estimate of the sublease income rate and extended the time period to obtain a sub-tenant. As a result, the Company recorded an additional charge of $1.6 million. During the third quarter of fiscal 2019, the Company further updated its assumption regarding its ability to sublet the first floor and recorded an additional lease obligation charge of $1.4 million. These estimates may vary from the actual sublease agreements executed, if any, resulting in an adjustment to the charge. The Company has vacated other portions of the building but not the entire facility, and at this time does not meet the cease-use date criteria to record additional restructuring charges. In connection with the adoption of ASC 842, the Company reclassified the remaining accrued lease balance of $3.8 million from restructuring to offset the right of use assets on the consolidated balance sheet.

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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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