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Restructuring Charges | 6 Months Ended
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Jul. 01, 2023
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 included lowering headcount by approximately 13% of our workforce. The Company has recognized 2022 restructuring plan charges of approximately $8.1 million for severance and employee-related costs, including $0.3 million for stock-based compensation, with $7.1 million within the Probe Cards segment, $0.5 million within the Systems segment, and $0.5 million within Corporate. We do not expect to incur additional material costs related to the 2022 restructuring plan. 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. The Company has recognized 2021 restructuring plans charges of approximately $13.3 million, with $10.1 million within the Probe Cards segment and $3.2 million within the Systems segment, which were comprised of $1.4 million of severance and employee-related costs, $2.0 million in contract and lease termination costs, $9.4 million in inventory impairments and other inventory related costs, and $0.5 million of cost related to impairment of leasehold improvements, facility exits and fixed asset related costs. We do not expect additional material costs related to the 2021 restructuring plan. Total restructuring charges for both the 2022 and 2021 restructuring plans included in our Condensed Consolidated Statements of Income were as follows (in thousands):
| Three Months Ended
| July 1, 2023 |  | June 25, 2022
| Probe Cards |  | Systems |  | Total |  | Probe Cards |  | Systems |  | Total
Cost of revenues | $ | 47 |  |  | $ | 285 |  |  | $ | 332 |  |  | $ | 227 |  |  | $ | 227 |  |  | $ | 454 |
Research and development | 170 |  |  | 51 |  |  | 221 |  |  | — |  |  | 53 |  |  | 53 |
Selling, general and administrative | 6 |  |  | 59 |  |  | 65 |  |  | — |  |  | 74 |  |  | 74 |
| $ | 223 |  |  | $ | 395 |  |  | $ | 618 |  |  | $ | 227 |  |  | $ | 354 |  |  | $ | 581 |
| Six Months Ended
| July 1, 2023 |  | June 25, 2022
| Probe Cards |  | Systems |  | Total |  | Probe Cards |  | Systems |  | Total
Cost of revenues | $ | 106 |  |  | $ | 251 |  |  | $ | 357 |  |  | $ | 266 |  |  | $ | 327 |  |  | $ | 593 |
Research and development | 182 |  |  | 109 |  |  | 291 |  |  | — |  |  | 199 |  |  | 199 |
Selling, general and administrative | 1,069 |  |  | 118 |  |  | 1,187 |  |  | 3 |  |  | 99 |  |  | 102 |
| $ | 1,357 |  |  | $ | 478 |  |  | $ | 1,835 |  |  | $ | 269 |  |  | $ | 625 |  |  | $ | 894 |
Changes to the restructuring accrual in the six months ended July 1, 2023 were as follows (in thousands):
| Employee Severance and Benefits |  | Stock-based Compensation |  | Inventory Impairments & Other Inventory Related Costs |  |  |  | Contract Termination & Other Costs |  |  |  | Total
December 31, 2022 | $ | 1,249 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | 1,249 |
Restructuring charges | 917 |  |  | 295 |  |  | 390 |  |  |  |  | 233 |  |  |  |  | 1,835 |
Cash payments | (1,959) |  |  | — |  |  | (89) |  |  |  |  | (233) |  |  |  |  | (2,281) |
Non-cash settlement | — |  |  | (295) |  |  | (301) |  |  |  |  | — |  |  |  |  | (596) |
July 1, 2023 | $ | 207 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | 207 |

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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 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: 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 Reference 5: 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 + Details
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