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Note 4 - Restructuring Charges
 6 Months Ended
Jun. 29, 2024
Notes to Financial Statements  
Restructuring and Related Activities Disclosure [Text Block]

4.

Restructuring Charges

 

MCT Integration Program

 

During the first quarter of 2023, in connection with the acquisition of MCT Worldwide, LLC (“MCT”), we began a strategic restructuring and integration program (“MCT Integration Program”). As part of the MCT Integration Program, we consolidated MCT’s Penang, Malaysia manufacturing operations into Cohu’s Malacca, Malaysia manufacturing operations by the end of 2023. Relating to the facility consolidation actions, we notified certain impacted employees of a reduction in force program. The facility consolidation and reduction in force programs were implemented as part of a comprehensive review of our operations and were intended to reduce our operating cost structure and capitalize on acquisition synergies. As of June 29, 2024, restructuring activities associated with the MCT Integration Program were materially complete.

 

As a result of the activities described above, we recognized total pretax charges of $0.4 million and $1.3 million during the three and six months ended July 1, 2023, respectively, that are within the scope of ASC 420. Total pretax charges for the three and six months ended June 29, 2024 were not material.

 

The following table summarizes the activity within the restructuring related accounts for the MCT Integration Program during the first six months ended July 1, 2023 (in thousands):

 

  

Severance and

  

Other Exit

     
  

Other Payroll

  

Costs

  

Total

 

Balance, December 31, 2022

 $-  $-  $- 

Costs accrued

  1,217   87   1,304 

Amounts paid or charged

  (813)  (49)  (862)

Balance, July 1, 2023

 $404  $38  $442