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Plans of Restructuring | 3 Months Ended
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Mar. 29, 2025
Plans of Restructuring [Abstract] |
Plans of Restructuring | Note 10 – Plans of Restructuring On August 6, 2024, we committed to a new restructuring plan (the “2024 Plan”) to integrate recent acquisitions, right-size operations and further increase efficiencies. During the three months ended March 29, 2025, we recorded restructuring charges associated with the 2024 Plan of $ 25 million, which primarily related to severance and employee-related costs. We expect to record restructuring charges associated with the 2024 Plan through the end of 2025; however, an estimate of the amount of these charges has not yet been determined. On August 1, 2022, we committed to a restructuring plan (the “2022 Plan”) focused on funding the priorities of the BOLD+1 strategic plan, streamlining operations and other initiatives to increase efficiency. The 2022 Plan has been completed as of July 31, 2024. During the three months ended March 30, 2024, in connection with our 2022 Plan, we recorded restructuring costs of $ 10 million, which primarily related to severance and employee-related costs, accelerated amortization of right-of-use assets and fixed assets, and other exit costs. Restructuring costs recorded for the three months ended March 29, 2025 and March 30, 2024, in connection with the 2024 Plan and 2022 Plan, respectively, consisted of the following: Three Months Ended March 29, 2025 Global Distribution and Value-Added Services Global Specialty Products Global Technology Corporate Total 2024 Plan Severance and employee-related costs $ 10 $ 5 $ 1 $ 6 $ 22 Impairment and accelerated depreciation and amortization of right-of-use lease assets and other long-lived assets 1 - - - 1 Exit and other related costs 1 - 1 - 2 Restructuring costs-2024 Plan $ 12 $ 5 $ 2 $ 6 $ 25 Three Months Ended March 30, 2024 Global Distribution and Value-Added Services Global Specialty Products Global Technology Corporate Total 2022 Plan Severance and employee-related costs $ 4 $ 2 $ 1 $ - $ 7 Accelerated depreciation and amortization 4 - - (3) 1 Exit and other related costs - - - 2 2 Restructuring costs-2022 Plan $ 8 $ 2 $ 1 $ (1) $ 10 The following table summarizes, by plan year the activity related to the liabilities associated with our restructuring initiatives under the 2022 Plan and the 2024 Plan for the three months ended March 29, 2025. The remaining accrued balance of restructuring costs as of March 29, 2025, which primarily relates to severance and employee- related costs, is included in accrued expenses: other within our condensed consolidated balance sheets. Liabilities related to exited leased facilities are recorded within our current and non-current operating lease liabilities within our condensed consolidated balance sheets. 2022 Plan 2024 Plan Total Balance, December 28, 2024 $ 12 $ 28 $ 40 Restructuring costs - 25 25 Non-cash accelerated depreciation and amortization - (1) (1) Cash payments and other adjustments (6) (16) (22) Balance, March 29, 2025 $ 6 $ 36 $ 42

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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://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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