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Note 6 - Restructuring

6 Months Ended

Jul. 03, 2021

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

Note 6 - Restructuring

Under the Q1 2020 Plan, which is described in the 2020 10-K, we recorded less than $0.1 million and approximately $0.3 million of expense during the second quarter of fiscal 2021 and 2020, respectively; and we recorded less than $0.1 million and approximately $1.4 million of expense in the first six months of fiscal 2021 and 2020, respectively. Approximately $2.0 million of total expense has been incurred through July 3, 2021 under the Q1 2020 Plan. Substantially all actions planned under the Q1 2020 Plan have been implemented.

Under the Q2 2019 Sales Plan, which is described in the 2020 10-K, we recorded no expense and approximately $0.2 million of expense during the second quarter of fiscal 2021 and 2020, respectively; and we recorded no expense and a net credit adjustment of less than $0.1 million during the first six months of fiscal 2021 and 2020, respectively. Approximately $2.1 million of total expense has been incurred through July 3, 2021 under the Q2 2019 Sales Plan. All actions planned under the Q2 2019 Sales Plan have been implemented.

Under the June 2017 Plan, which is described in the 2020 10-K, we incurred restructuring expense related to our partially vacated facility in San Jose, California of approximately $0.2 million and approximately $0.1 million during the second quarter of fiscal 2021 and 2020, respectively; and approximately $0.4 million and approximately $0.1 million during the first six months of fiscal 2021 and 2020, respectively. We have incurred approximately $21.3 million of total expense through July 3, 2021 under the June 2017 Plan, and all planned actions have been implemented. We expect the total cost of the June 2017 Plan to be approximately $21.5 million to $23.5 million as ROU asset amortization expenses related to our partially vacated facility in San Jose, California will be incurred over the remaining lease term.

These expenses were recorded to Restructuring charges on our Consolidated Statements of Operations. The restructuring accrual balance is presented in Accrued expenses and in Other long-term liabilities on our Consolidated Balance Sheets. The following table displays the activity related to our restructuring plans:

(In thousands)		*Severance & Related (1)*				*Lease Termination & Fixed Assets*				*Other (2)*				*Total*
Accrued Restructuring at January 2, 2021		$	246			$	8,233			$	664			$	9,143
Restructuring charges			17				363				—				380
Costs paid or otherwise settled			(10	)			(896	)			(664	)			(1,570	)
Accrued Restructuring at July 3, 2021		$	253			$	7,700			$	-			$	7,953

Accrued Restructuring at December 28, 2019		$	160			$	6,585			$	865			$	7,610
Restructuring charges			1,277				114				95				1,486
Costs paid or otherwise settled			(508	)			(833	)			(201	)			(1,542	)
Accrued Restructuring at June 27, 2020		$	929			$	5,866			$	759			$	7,554

(1)

Includes employee relocation and outplacement costs

(2)

Includes termination fees on the cancellation of certain contracts under the Q2 2019 Sales Plan