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Restructuring, Integration, and Other | 6 Months Ended
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Jun. 28, 2025
Restructuring, Integration, and Other |
Restructuring, Integration, and Other | Note I – Restructuring, Integration, and Other The following table presents the components of the restructuring, integration, and other charges: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quarter Ended | ​ | Six Months Ended
​ | ​ | June 28, | ​ | June 29, | ​ | June 28, | ​ | June 29,
(thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Restructuring, integration and related costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Expense Efficiency Plan costs (a) | ​ | $ | 19,946 | ​ | $ | — | ​ | $ | 28,631 | ​ | $ | —
Other plans | ​ | ​ | 582 | ​ | ​ | 464 | ​ | ​ | 1,883 | ​ | ​ | 100
Other expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating expense reduction costs not related to restructuring initiatives (b) | ​ | (1,821) | ​ | ​ | 32,846 | ​ | ​ | 1,928 | ​ | ​ | 75,608
Early lease termination costs | ​ | ​ | 76 | ​ | ​ | 3,207 | ​ | ​ | 1,331 | ​ | ​ | 6,525
Other charges | ​ | ​ | 3,136 | ​ | ​ | 4,020 | ​ | ​ | 5,459 | ​ | ​ | 5,160
​ | ​ | $ | 21,919 | ​ | $ | 40,537 | ​ | $ | 39,232 | ​ | $ | 87,393
(a) | See details related to the Operating Expense Efficiency Plan discussed below.
(b) | These costs are primarily related to employee severance and benefit costs. As of June 28, 2025, the accrued liabilities related to these costs totaled $7.9 million and substantially all accrued amounts are expected to be spent in cash within one year.
Operating Expense Efficiency Plan On October 31, 2024, in response to evolving business needs and as part of an initiative to optimize operating expenses, the company announced a multi-year restructuring plan (the “Operating Expense Efficiency Plan” or “the Plan”). The Plan is designed to improve operational efficiency through the following measures: (i) reorganizing and consolidating certain areas of the company’s operations to centralize functions and streamline resources, with a focus on more cost-efficient regions; (ii) enhancing warehouse and logistics operations; (iii) investing in information technology to support automation and process improvements; (iv) consolidating the company’s global real estate footprint; (v) reducing third-party spending; and (vi) winding down certain non-core businesses that are not aligned with the company’s strategic objectives. The company expects to substantially complete the Plan by the end of fiscal year 2026, subject to, among other things, local legal and consultation requirements. ​ Under the Plan, the company anticipates to incur pre-tax restructuring charges of no more than $185.0 million. While the composition of these costs will continue to evolve over time, the company currently expects to incur approximately $80.0 million of employee severance and other personnel cash expenditures; approximately $80.0 million of non-cash asset impairments, inventory write-downs and foreign currency translation adjustment write-offs related to the wind down of certain business operations; and approximately $25.0 million of other related cash expenditures. As a result of the company’s philosophy of maximizing operating efficiencies through the centralization of certain functions, restructuring, integration, and related costs are included in the corporate line item for management and segment reporting as they are not attributable to the individual reportable segments. ​ The following table presents the costs related to the Operating Expense Efficiency Plan: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(thousands) |  | Income Statement Line |  | Quarter Ended June 28, 2025 |  | Six Months Ended June 28, 2025 |  | Total Cost Incurred to Date
Employee severance and benefit costs | ​ | ​ | Restructuring, integration, and other | ​ | $ | 12,659 | ​ | $ | 19,413 | ​ | $ | 20,761
Inventory (recoveries) write-downs | ​ | ​ | Cost of sales | ​ | ​ | (2,172) | ​ | ​ | (4,639) | ​ | ​ | 45,705
Asset impairments | ​ | ​ | Restructuring, integration, and other | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 1,416
Other costs (a) | ​ | ​ | Restructuring, integration, and other | ​ | ​ | 7,287 | ​ | ​ | 9,218 | ​ | ​ | 16,733
​ | ​ | ​ | ​ | ​ | $ | 17,774 | ​ | $ | 23,992 | ​ | $ | 84,615
(a) | Other costs consist primarily of consulting and other professional fees, early lease termination fees, and foreign currency translation adjustment write-offs.
The following table presents the activity in the restructuring, integration, and other accruals related to the Operating Expense Efficiency Plan: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(thousands) |  | Employee Severance and Benefit Costs |  | Inventory Recoveries |  | Other Costs |  | Total
Balance at December 31, 2024 | ​ | $ | 384 | ​ | $ | - | ​ | $ | 202 | ​ | $ | 586
Restructuring related charges | ​ | ​ | 19,413 | ​ | ​ | (4,639) | ​ | ​ | 9,218 | ​ | ​ | 23,992
Cash (payments) receipts | ​ | ​ | (10,086) | ​ | ​ | 4,639 | ​ | ​ | (4,491) | ​ | ​ | (9,938)
Foreign currency translations | ​ | ​ | 157 | ​ | ​ | - | ​ | ​ | 414 | ​ | ​ | 571
Balance at June 28, 2025 | ​ | $ | 9,868 | ​ | $ | - | ​ | $ | 5,343 | ​ | $ | 15,211
​ Substantially all amounts accrued at June 28, 2025 related to the Operating Expense Efficiency Plan are expected to be paid in cash within one year.

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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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