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Note 4 - Restructuring Charges | 9 Months Ended
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Sep. 27, 2025
Notes to Financial Statements |
Restructuring and Related Activities Disclosure [Text Block] |
4. | Restructuring Charges
Poway Volume Manufacturing Transition During the fourth quarter of fiscal 2024, we made the decision to transition all remaining volume manufacturing out of Poway, CA, and consolidate it into our factories in Asia. When fully implemented, these changes will allow us to better utilize our corporate infrastructure, drive improvements in inventory management, optimize our warehousing and better support our long-term goals. Total pretax charges related to the Poway volume manufacturing transition for the first nine months ended September 27, 2025 were $1.5 million. The following table summarizes the activity within the restructuring related accounts for the Poway volume manufacturing transition during the first nine months ended September 27, 2025 (in thousands):
|  | Severance and |  |  | Other Exit |  |  |  |  |
|  | Other Payroll |  |  | Costs |  |  | Total |
Balance, December 28, 2024 |  | $ | - |  |  | $ | - |  |  | $ | - |
Costs accrued |  |  | 948 |  |  |  | 555 |  |  |  | 1,503 |
Amounts paid or charged |  |  | (948 | ) |  |  | (542 | ) |  |  | (1,490 | )
Balance, September 27, 2025 |  | $ | - |  |  | $ | 13 |  |  | $ | 13 |
2025 Strategic Restructuring On February 19, 2025, we approved and began executing a strategic restructuring program designed to reposition our organization and improve our cost structure (“2025 Restructuring Program”). As part of the 2025 Restructuring Program we plan on consolidating certain operations that are currently based in La Chaux-de-Fonds, Switzerland, and in Kolbermoor, Germany, into other lower cost locations. As part of the 2025 Restructuring Program, we are making headcount reductions in the U.S. and throughout Asia. Relating to the operations consolidation actions, we notified certain impacted employees of the corresponding reduction in force program at those locations which required negotiation with the microtechnology and Swiss watch trade union and the German labor organization which represent certain of the employees at their respective locations. During the second quarter of 2025, headcount reductions we implemented in Switzerland as part of the 2025 Restructuring Program resulted in a change to our defined benefit pension plan, resulting in a curtailment of future benefits for affected employees. In accordance with ASC Topic 715, Compensation-Retirement Benefits (“ASC 715”), during the three months ended June 28, 2025, we recognized a pension curtailment gain of $1.5 million. During the three months ended September 27, 2025, we recognized an additional pension curtailment gain of $0.8 million. These gains reflect the reduction in the projected benefit obligation due to the termination of future service accruals for impacted plan participants and are included in the condensed consolidated statements of operations. The 2025 Restructuring Program, as implemented over time, will reduce headcount, enable us to optimize the facilities of our operations, as well as transition certain manufacturing to other lower cost regions. The 2025 Restructuring Program is being implemented as part of a comprehensive review of our operations with the goal of reducing costs during the extended downturn in the semiconductor test and inspection equipment industry. As a result of the activities described above, we recognized total pretax charges of $6.8 million during the first nine months ended September 27, 2025, that are within the scope of ASC 420. The following table summarizes the activity within the restructuring related accounts for the 2025 Restructuring Program during the first nine months ended September 27, 2025 (in thousands):
|  | Severance and |  |  | Other Exit |  |  |  |  |
|  | Other Payroll |  |  | Costs |  |  | Total |
Balance, December 28, 2024 |  | $ | - |  |  | $ | - |  |  | $ | - |
Costs accrued |  |  | 6,742 |  |  |  | 103 |  |  |  | 6,845 |
Amounts paid or charged |  |  | (5,598 | ) |  |  | (103 | ) |  |  | (5,701 | )
Impact of currency exchange |  |  | 405 |  |  |  | - |  |  |  | 405 |
Balance, September 27, 2025 |  | $ | 1,549 |  |  | $ | - |  |  | $ | 1,549 |

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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 S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: 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 + Details
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