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Restructuring and Related Charges

6 Months Ended

Jan. 02, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Charges

Note 13. Restructuring and Related Charges

The Company has initiated restructuring events primarily intended to reduce its costs, consolidate its operations, integrate various acquisitions, streamline product manufacturing and align its business to address market conditions. The Company’s restructuring charges primarily include severance and benefit costs to eliminate a specific number of positions, facilities and equipment costs to vacate facilities, consolidate operations, and lease termination costs. The timing of associated cash payments is dependent upon the type of restructuring charge and can extend over multiple periods.

As of January 2, 2021 and June 27, 2020, the Company’s total restructuring accrual was $3.6 million and $6.5 million, respectively. During the three and six months ended January 2, 2021, the Company recorded restructuring and related charges (benefits) of $0.2 million and $(0.4) million, respectively. During the three and six months ended December 28, 2019, the Company recorded restructuring and related benefits of $(0.9) million and $(0.6) million, respectively.

Summary of Restructuring Plans

The following table presents the adjustments to the accrued restructuring expenses related to all of the Company’s restructuring plans described below for the three and six months ended January 2, 2021 (in millions):

			Balance June 27, 2020						Six Months Ended January 2, 2021 Benefits						Cash Settlements						Non-cash Settlements and Other Adjustments (2)						Balance January 2, 2021
Fiscal 2019 Plan
NSE, including AW (1)			$	6.5					$	(0.4)					$	(2.5)					$	—					$	3.6
Total (3)			$	6.5					$	(0.4)					$	(2.5)					$	—					$	3.6

(1)    Plan type includes workforce reduction cost.

(2)    Other adjustments represents the effect of currency translation adjustments.

(3)    $3.6 million and $6.5 million in other current liabilities on the Consolidated Balance Sheets as of January 2, 2021 and June 27, 2020, respectively.

Fiscal 2019 Plans

NSE, including AvComm and Wireless (AW) Restructuring Plan

During the first quarter of fiscal 2019, the Company’s management approved restructuring and workforce reduction plans within its Network Service and Enablement (NSE) business, including actions related to the acquired AW business. The plan was re-approved in the third quarter of fiscal 2019 and the fourth quarter of fiscal 2020 to include additional headcount and to further drive operational improvement.

During the three and six months ended January 2, 2021, restructuring charges (benefits) of $0.2 million and $(0.4) million, respectively were recorded, as adjustments to severance and employee benefits.

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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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