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RESTRUCTURING AND ASSET IMPAIRMENTS | 9 Months Ended
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Sep. 28, 2024
Restructuring and Related Activities [Abstract] |
RESTRUCTURING AND ASSET IMPAIRMENTS | RESTRUCTURING AND ASSET IMPAIRMENTS The Company has undertaken restructuring actions impacting the reportable segments at various locations across North America, Europe and Asia. This includes workforce right-sizing actions resulting in severance and transition costs; and costs related to the consolidation of facilities resulting in asset impairment, accelerated depreciation charges, and certain other costs. Generally, these actions are in response to recent macroeconomic impacts on the Company. During fiscal year 2023, the Company began to take restructuring actions as a result of these emerging business trends. The Company incurred restructuring charges of $30.6 million and $65.6 million during the three and nine months ended September 28, 2024, respectively and approximately $95 million since the beginning of fiscal year 2023 through September 28, 2024. The following table presents restructuring costs by reportable segment:
| Three Months Ended |  | Nine Months Ended
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
| (in thousands)
RMS | $ | 4,965 |  |  | $ | 965 |  |  | $ | 22,580 |  |  | $ | 965 |
DSA | 13,866 |  |  | 13,220 |  |  | 24,123 |  |  | 13,218 |
Manufacturing | 5,372 |  |  | 975 |  |  | 9,660 |  |  | 7,162 |
Unallocated corporate | 6,443 |  |  | — |  |  | 9,237 |  |  | — |
Total | $ | 30,646 |  |  | $ | 15,160 |  |  | $ | 65,600 |  |  | $ | 21,345 |
The following table presents restructuring costs as included within the Company’s unaudited condensed consolidated statements of income:
| September 28, 2024 |  | September 30, 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) | $ | 12,830 |  |  | $ | 3,482 |  |  | $ | 16,312 |  |  | $ | 2,160 |  |  | $ | 11,418 |  |  | $ | 13,578 |
Cost of products sold (excluding amortization of intangible assets) | 1,783 |  |  | 650 |  |  | 2,433 |  |  | 480 |  |  | 174 |  |  | 654 |
Selling, general and administrative | 11,923 |  |  | (22) |  |  | 11,901 |  |  | 937 |  |  | (9) |  |  | 928 |
Total restructuring costs | $ | 26,536 |  |  | $ | 4,110 |  |  | $ | 30,646 |  |  | $ | 3,577 |  |  | $ | 11,583 |  |  | $ | 15,160 |
Nine Months Ended |  |  |  |  |  |  |  |  |  |  |
Cost of services provided (excluding amortization of intangible assets) | $ | 20,510 |  |  | $ | 6,516 |  |  | $ | 27,026 |  |  | $ | 5,088 |  |  | $ | 11,418 |  |  | $ | 16,506 |
Cost of products sold (excluding amortization of intangible assets) | 2,530 |  |  | 11,134 |  |  | 13,664 |  |  | 534 |  |  | 2,920 |  |  | 3,454 |
Selling, general and administrative | 18,430 |  |  | 6,480 |  |  | 24,910 |  |  | 1,386 |  |  | (1) |  |  | 1,385 |
Total restructuring costs | $ | 41,470 |  |  | $ | 24,130 |  |  | $ | 65,600 |  |  | $ | 7,008 |  |  | $ | 14,337 |  |  | $ | 21,345 |
Rollforward of Restructuring Activities 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)
Nine Months Ended September 28, 2024 |  |  |  |  |  |  |
Beginning balance | $ | 4,175 |  |  | $ | — |  |  | $ | 875 |  |  | $ | 5,050 |
Expense | 41,470 |  |  | 15,999 |  |  | 8,131 |  |  | 65,600 |
Payments / utilization | (17,920) |  |  | — |  |  | (6,762) |  |  | (24,682) |
Other non-cash adjustments | — |  |  | (15,999) |  |  | (1,369) |  |  | (17,368) |
Foreign currency adjustments | 57 |  |  | — |  |  | — |  |  | 57 |
Ending Balance | $ | 27,782 |  |  | $ | — |  |  | $ | 875 |  |  | $ | 28,657 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |
Beginning balance | $ | 356 |  |  | $ | — |  |  | $ | 944 |  |  | $ | 1,300 |
Expense | 7,008 |  |  | 13,269 |  |  | 1,068 |  |  | 21,345 |
Payments / utilization | (3,179) |  |  | — |  |  | (710) |  |  | (3,889) |
Other non-cash adjustments | — |  |  | (13,269) |  |  | (427) |  |  | (13,696) |
Foreign currency adjustments | (42) |  |  | — |  |  | — |  |  | (42) |
Ending Balance | $ | 4,143 |  |  | $ | — |  |  | $ | 875 |  |  | $ | 5,018 |
As of September 28, 2024 and December 30, 2023, $28.7 million and $5.1 million, respectively, of severance and other personnel related costs liabilities were included in accrued compensation and accrued liabilities within the Company’s unaudited condensed consolidated balance sheets.

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- Definition The entire 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 No definition available. + Details
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