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Restructuring Charges

6 Months Ended

Jun. 29, 2020

Restructuring And Related Activities [Abstract]

Restructuring Charges

(19) Restructuring Charges

On April 29, 2020, the Company announced the restructuring of its E-M Solutions business unit. The E-MS business unit consists of three Chinese manufacturing facilities with two being in Shanghai (SH BPA and SH E-MS) and one in Shenzhen (SZ). The Company will discontinue operations at the SH E-MS and SZ facilities while integrating the SH BPA facility into its PCB operations. The restructuring is another step in advancing the Company’s stated strategy of increasing its focus on differentiated higher margin products that more fully leverage the Company’s early engagement capabilities and industry leading engineering-based technology solutions. The closure of the SH E-MS and SZ facilities will not be immediate as the Company has obligations to fulfill with customers. The Company anticipates phasing out production over the remainder of 2020. As of June 29, 2020, the Company has incurred approximately $13,414 of restructuring charges since the April 29, 2020 announcement. The Company estimates that it will incur total charges related to restructuring of its E-M Solutions business unit of approximately $18,500 and accelerated depreciation expense of approximately $8,000.

In connection with the restructuring of its E-M Solutions business unit and other global realignment restructuring efforts, the Company recognized employee separation, contract termination and other costs during the quarter and two quarters ended June 29, 2020 and July 1, 2019. Contract termination and other costs primarily represented plant closure costs.

The below table summarizes such restructuring costs by reportable segment, which are included as a component of general and administrative expenses in the consolidated condensed statements of operations, for the quarter and two quarters ended

June 29, 2020 and July 1, 2019:

		Quarter Ended June 29, 2020												Two Quarters Ended June 29, 2020
		Employee Separation/ Severance				Contract Termination and Other Costs				Total				Employee Separation/ Severance				Contract Termination and Other Costs				Total
		(In thousands)
Reportable Segment:
PCB		$	(8	)		$	1			$	(7	)		$	(8	)		$	14			$	6
E-M Solutions			13,085				292				13,377				13,394				291				13,685
Corporate			—				44				44				—				51				51
		$	13,077			$	337			$	13,414			$	13,386			$	356			$	13,742

		Quarter Ended July 1, 2019												Two Quarters Ended July 1, 2019
		Employee Separation/ Severance				Contract Termination and Other Costs				Total				Employee Separation/ Severance				Contract Termination and Other Costs				Total
		(In thousands)
Reportable Segment:
PCB		$	2,564			$	—			$	2,564			$	2,988			$	—			$	2,988
E-M Solutions			—				—				—				—				—				—
Corporate			160				8				168				160				16				176
		$	2,724			$	8			$	2,732			$	3,148			$	16			$	3,164

Accrued restructuring costs are included as a component of other current liabilities in the consolidated condensed balance sheet. The below table shows the utilization of the accrued restructuring costs during the two quarters ended June 29, 2020:

		Employee Separation/ Severance				Contract Termination and Other Costs				Total
		(In thousands)
Accrued as of December 30, 2019		$	260			$	242			$	502
Charged to expense			13,386				356				13,742
Amount paid			(2,130	)			(358	)			(2,488	)
Accrued as of June 29, 2020		$	11,516			$	240			$	11,756

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- References

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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

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