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Restructuring and Asset Impairment Charge and Settlements

12 Months Ended

Dec. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Asset Impairment Charge and Settlements

6. Restructuring and Asset Impairment Charge and Settlements

During 2020, the Company recorded restructuring charges of $10.5 million, of which $5.7 million was primarily related to the reduction of staff in the U.S. and Europe due to the impact of the COVID-19 pandemic and $4.8 million of which primarily related to real estate leases. In consideration of the COVID-19 pandemic and the changing nature of the Company’s use of office space for its workforce, the Company evaluated its existing office space utilization and made the decision to completely or partially abandon certain leased office spaces. As a result, the Company recorded restructuring charges of $4.8 million, primarily relating to the impairment of certain lease right-of-use assets, property, equipment and leasehold improvements and other real estate related costs. See Note 7 for further discussion.

The Company recorded the settlement of the restructuring charge in 2022 of $0.3 million and $0.4 million related to the settlement of the impairment of lease right-of use assets.

The following table summarizes the costs incurred in connection with the 2020 restructuring and asset impairment charge (in thousands):

		January 1,
		2021
Employee related costs	$		5,710
Lease right-of-use asset impairment charges			3,545
Property, equipment and lease improvement impairment charges			340
Other lease related restructuring costs			893
Total	$		10,488

6. Restructuring and Asset Impairment Charge and Settlements (continued)

The following table summarizes the Company’s restructuring activities recorded in accrued expenses and other liabilities (in thousands):

		Employee Related					Exit, Closure and Consolidation
		Costs					of Facilities					Total
Accrual balance at January 1, 2021	$		1,083			$		1,209			$		2,292
Restructuring charge			—					—					—
Cash paid			(1,013	)				(539	)				(1,552	)
Accrual balance at December 31, 2021	$		70			$		670			$		740
Restructuring settlement			(70	)				(238	)				(308	)
Cash paid			-					(326	)				(326	)
Accrual balance at December 30, 2022	$		—			$		106			$		106

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- References

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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

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