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Restructuring | 3 Months Ended
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Apr. 03, 2021
Restructuring And Related Activities [Abstract] |
Restructuring | 16.Restructuring As previously disclosed, in the first quarter of fiscal 2021, as the Company continued to evaluate its cost structure, anticipate consumer demand and focus on costs, the Company committed to a plan which has resulted and will result in the termination of operating leases and elimination of certain positions worldwide. The Company had previously estimated this plan would cost approximately $18,000 in fiscal 2021. The Company revised its estimate and currently expects to record restructuring expenses of approximately $11,000 in fiscal 2021 related to this plan. The Company recorded expenses in connection with lease termination and other related costs of $4,720 and employee termination benefit costs of $818, totaling $5,538 ($4,143 after tax) for the three months ended April 3, 2021. These expenses impacted cost of revenues by $5,202 and selling, general and administrative expenses by $336 for the three months ended April 3, 2021. All expenses were recorded to general corporate expenses and, therefore, there was no impact to the segments. For the three months ended April 3, 2021, the Company made payments of $607 towards the liability for the lease termination costs. For the three months ended April 3, 2021, the Company made payments of $115 towards the liability for these employee termination benefit costs. The Company expects the remaining lease termination liability of $2,953 and the remaining employee termination benefit liability of $703 to be paid in full no later than the end of fiscal 2023. As previously disclosed, in the second quarter of fiscal 2020, in connection with its cost-savings initiative, and its continued response to the COVID-19 pandemic and the related shift in market conditions, the Company committed to a plan of reduction in force which has resulted in the elimination of certain positions and termination of employment for certain employees worldwide. To adjust to anticipated consumer demand, the Company evolved its workshop strategy and expanded its restructuring plan to include lease termination and other related costs. The Company recorded expenses in connection with employee termination benefit costs of $25,103 and lease termination and other related costs of $7,989, totaling $33,092 ($24,756 after tax) for the fiscal year ended January 2, 2021. These expenses impacted cost of revenues by $23,300 and selling, general and administrative expenses by $9,792 for the fiscal year ended January 2, 2021. All expenses were recorded to general corporate expenses and, therefore, there was no impact to the segments. For the fiscal year ended January 2, 2021, the Company made payments of $15,434 towards the liability for these employee termination benefit costs and increased provision estimates by $180. For the fiscal year ended January 2, 2021, the Company made payments of $645 towards the liability for these lease termination and related costs. For the three months ended April 3, 2021, the Company made payments of $3,666 towards the liability for these employee termination benefit costs and decreased provision estimates by $49. For the three months ended April 3, 2021, the Company made payments of $3,483 towards the liability for the lease termination costs and decreased provision estimates by $441. The Company expects the remaining employee termination benefit liability of $6,134 and the remaining lease termination liability of $1,397 to be paid in full no later than the end of fiscal 2023.

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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 + Details
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