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RESTRUCTURING AND ASSET IMPAIRMENTS (Tables) | 6 Months Ended
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Jun. 29, 2024
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring Costs | The following table presents restructuring costs by reportable segment:
| Three Months Ended |  | Six Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
| (in thousands)
RMS | $ | 10,228 |  |  | $ | — |  |  | $ | 17,615 |  |  | $ | — |
DSA | 3,766 |  |  | — |  |  | 10,257 |  |  | (2) |
Manufacturing | 2,657 |  |  | 2,699 |  |  | 4,288 |  |  | 6,187 |
Unallocated corporate | 1,304 |  |  | — |  |  | 2,794 |  |  | — |
Total | $ | 17,955 |  |  | $ | 2,699 |  |  | $ | 34,954 |  |  | $ | 6,185 |
The following table presents restructuring costs as included within the Company’s unaudited condensed consolidated statements of income:
| June 29, 2024 |  | July 1, 2023
| Severance and Transition Costs |  | Asset Impairments and Other Costs |  | Total |  | Severance and Transition Costs |  | Asset Impairments and Other Costs |  | Total
| (in thousands)
Three Months Ended |  |  |  |  |  |  |  |  |  |  |
Cost of services provided (excluding amortization of intangible assets) | $ | 2,870 |  |  | $ | 1,926 |  |  | $ | 4,796 |  |  | $ | 2,361 |  |  | $ | — |  |  | $ | 2,361 |
Cost of products sold (excluding amortization of intangible assets) | 69 |  |  | 9,154 |  |  | 9,223 |  |  | 36 |  |  | 182 |  |  | 218 |
Selling, general and administrative | 2,958 |  |  | 978 |  |  | 3,936 |  |  | 120 |  |  | — |  |  | 120 |
Total restructuring costs | $ | 5,897 |  |  | $ | 12,058 |  |  | $ | 17,955 |  |  | $ | 2,517 |  |  | $ | 182 |  |  | $ | 2,699 |
Six Months Ended |  |  |  |  |  |  |  |  |  |  |
Cost of services provided (excluding amortization of intangible assets) | $ | 7,680 |  |  | $ | 3,034 |  |  | $ | 10,714 |  |  | $ | 2,928 |  |  | $ | — |  |  | $ | 2,928 |
Cost of products sold (excluding amortization of intangible assets) | 747 |  |  | 10,484 |  |  | 11,231 |  |  | 54 |  |  | 2,746 |  |  | 2,800 |
Selling, general and administrative | 6,507 |  |  | 6,502 |  |  | 13,009 |  |  | 449 |  |  | 8 |  |  | 457 |
Total restructuring costs | $ | 14,934 |  |  | $ | 20,020 |  |  | $ | 34,954 |  |  | $ | 3,431 |  |  | $ | 2,754 |  |  | $ | 6,185 |
Schedule of Rollforward of Company's Severance and Retention Costs Liability | The following table provides a rollforward for the Company’s accrued restructuring costs related to all restructuring activities:
| Severance and Transition Costs |  | Asset Impairments |  | Other Costs |  | Total
| (in thousands)
Six Months Ended June 29, 2024 |  |  |  |  |  |  |
Beginning balance | $ | 4,175 |  |  | $ | — |  |  | $ | 875 |  |  | $ | 5,050 |
Expense | 14,934 |  |  | 14,181 |  |  | 5,839 |  |  | 34,954 |
Payments / utilization | (9,323) |  |  | — |  |  | (5,067) |  |  | (14,390) |
Other non-cash adjustments | — |  |  | (14,181) |  |  | (772) |  |  | (14,953) |
Foreign currency adjustments | (57) |  |  | — |  |  | — |  |  | (57) |
Ending Balance | $ | 9,729 |  |  | $ | — |  |  | $ | 875 |  |  | $ | 10,604 |
Six Months Ended July 1, 2023 |  |  |  |  |  |  |
Beginning balance | $ | 356 |  |  | $ | — |  |  | $ | 944 |  |  | $ | 1,300 |
Expense | 3,431 |  |  | 2,479 |  |  | 275 |  |  | 6,185 |
Payments / utilization | (811) |  |  | — |  |  | (303) |  |  | (1,114) |
Other non-cash adjustments | — |  |  | (2,479) |  |  | — |  |  | (2,479) |
Foreign currency adjustments | 9 |  |  | — |  |  | — |  |  | 9 |
Ending Balance | $ | 2,985 |  |  | $ | — |  |  | $ | 916 |  |  | $ | 3,901 |

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- Definition Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.P.3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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- Definition Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.b.2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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