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Plans of Restructuring | 9 Months Ended
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Sep. 29, 2018
Restructuring and Related Activities [Abstract] |
Plans of Restructuring | N ote 10 – Plans of Restructuring On July 9, 2018, we committed to an initiative to rationalize our operations and provide expense efficiencies. These actions will allow us to execute on our plan to reduce our cost structure and fund new initiatives that will drive future growth under our 2018 to 2020 strategic plan. This initiative is expected to include the elimination of approximately 2% to 3% of our workforce and the closing of certain facilities. The total 2018 costs associated with the actions to complete this restructuring are expected to be in the range of $45 million to $55 million pre-tax, or $0.22 to $0.27 per diluted share, consisting of $40 million to $45 million in employee severance pay and benefits and $5 million to $1 0 million in fa cility costs, representing primarily lease termination and other facility closure related costs. During the three and nine months ended September 29, 2018, we recorded restructuring costs of $8.9 millio n and $27.5 million, respectively, primarily for certain redundancies. The costs associated with these restructuring activities are included in a separate line item, “Restructuring costs” within our consolidated statements of income. The following table shows the amounts expensed and paid for restructuring costs that were incurred during the nine months ended September 29, 2018 and during our 2017 fiscal year and the remaining accrued balance of restructuring costs a s of September 29, 2018, which is included in Accrued expenses: Other and Other liabilities within our consolidated balance sheet:
|  |  |  |  | Facility |  |  |  |
|  |  | Severance |  | Closing |  |  |  |
|  |  | Costs |  | Costs |  | Other |  | Total
Balance, December 31, 2016 |  | $ | 22,354 |  | $ | 2,454 |  | $ | 895 |  | $ | 25,703
Payments and other adjustments |  |  | (19,136) |  |  | (1,139) |  |  | (871) |  |  | (21,146)
Balance, December 30, 2017 |  | $ | 3,218 |  | $ | 1,315 |  | $ | 24 |  | $ | 4,557
Provision |  |  | 26,474 |  |  | 757 |  |  | 280 |  |  | 27,511
Payments and other adjustments |  |  | (16,908) |  |  | (1,441) |  |  | (206) |  |  | (18,555)
Balance, September 29, 2018 |  | $ | 12,784 |  | $ | 631 |  | $ | 98 |  | $ | 13,513
The following table shows, by reportable segment, the amounts expensed and paid for restructuring costs that were incurred during the nine months ended September 29, 2018 and the 2017 fiscal year and the remaining accrued balance of restructuring costs as of September 29, 2018:
|  |  |  |  |  | Technology and |  |
|  |  | Health Care |  | Value-Added |  |  |
|  |  | Distribution |  | Services |  | Total
Balance, December 31, 2016 |  | $ | 25,238 |  | $ | 465 |  | $ | 25,703
Payments and other adjustments |  |  | (20,681) |  |  | (465) |  |  | (21,146)
Balance, December 30, 2017 |  | $ | 4,557 |  | $ | - |  | $ | 4,557
Provision |  |  | 25,625 |  |  | 1,886 |  |  | 27,511
Payments and other adjustments |  |  | (18,065) |  |  | (490) |  |  | (18,555)
Balance, September 29, 2018 |  | $ | 12,117 |  | $ | 1,396 |  | $ | 13,513

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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 + Details
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