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Restructuring Charges | 12 Months Ended
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Dec. 31, 2022
Restructuring and Related Activities [Abstract] |
Restructuring Charges | Restructuring Charges 2022 Restructuring Plan On October 25, 2022, we adopted a restructuring plan (“2022 restructuring plan”) to align our cost structure with reduced demand levels, by streamlining and improving the efficiency and business effectiveness of our operations. This plan has included lowering headcount by approximately 13% of our workforce, which has resulted in recognizing restructuring charges of approximately $7.0 million for the year ended December 31, 2022, consisting of severance and employee-related costs with $6.0 million within the Probe Cards segment, $0.5 million within the Systems segment, and $0.5 million within Corporate. We expect total restructuring charges of $8.5 million to $9.5 million. 2021 Restructuring Plan On September 25, 2021, we adopted restructuring plans (“2021 Restructuring Plans”) to improve our business effectiveness and streamline our operations by consolidating certain manufacturing facilities for both the Probe Cards segment and the Systems segment. This included plans to consolidate or relocate certain leased locations in the United States to other locations in the United States, Germany and Asia. As a result of these changes to certain work locations, we have incurred personnel related costs to sever, relocate, or retain select employees. Additionally, as part of these plans we have undertaken actions to adjust capacity for certain product offerings, which included contract termination costs to satisfy contract obligations. Restructuring charges for the year ended December 31, 2022 were $8.5 million, consisting of $0.3 million of severance and employee-related costs, $0.4 million in contract and lease termination costs, $7.6 million in inventory impairments and other inventory related costs, and $0.2 million of cost related to impairment of leasehold improvements, facility exits and fixed asset related costs. Total restructuring charges for the plans are $12.6 million, with $9.9 million within the Probe Cards segment and $2.7 million within the Systems segment, and were comprised of $1.3 million of severance and employee-related costs, $1.8 million in contract and lease termination costs, $9.0 million in inventory impairments and other inventory related costs, and $0.5 million of cost related to impairment of leasehold improvements, facility exits and other costs. We do not expect to incur additional material costs related to the 2021 Restructuring Plans. Total restructuring charges included in our Consolidated Statements of Income for both the 2022 and 2021 Restructuring Plans were as follows (in thousands):
| Fiscal Year Ended
| December 31, 2022 |  | December 25, 2021
Cost of revenues | $ | 11,775 |  |  | $ | 3,205 |
Research and development | 1,498 |  |  | 869 |
Selling, general and administrative | 2,166 |  |  | 50 |
| $ | 15,439 |  |  | $ | 4,124 |
Changes to the restructuring accrual during the years ended December 25, 2021 and December 31, 2022 were as follows (in thousands):
| Employee Severance and Benefits |  | Inventory Impairments & Other Inventory Related Costs |  | Property and Equipment Impairments & Other Asset Related Costs |  | Contract Termination & Other Costs |  |  |  | Total
December 26, 2020 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |
Restructuring charges | 1,175 |  |  | 1,376 |  |  | 270 |  |  | 2,800 |  |  |  |  | 5,621 |
Adjustment to restructuring charges | (147) |  |  | — |  |  | — |  |  | (1,350) |  |  |  |  | (1,497) |
Non-cash settlement | — |  |  | (1,376) |  |  | (270) |  |  | — |  |  |  |  | (1,646) |
December 25, 2021 | 1,028 |  |  | — |  |  | — |  |  | 1,450 |  |  |  |  | 2,478 |
Restructuring charges | 7,269 |  |  | 7,629 |  |  | 186 |  |  | 502 |  |  |  |  | 15,586 |
Cash payments | (7,048) |  |  | (1,112) |  |  | (112) |  |  | (1,719) |  |  |  |  | (9,991) |
Adjustment to restructuring charges | — |  |  | — |  |  | — |  |  | (147) |  |  |  |  | (147) |
Non-cash settlement | — |  |  | (6,517) |  |  | (74) |  |  | (86) |  |  |  |  | (6,677) |
December 31, 2022 | $ | 1,249 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 1,249 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI https://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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