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Restructuring Costs | 3 Months Ended
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Mar. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring Costs | Restructuring Costs In the fourth quarter of 2023, the Company initiated cost reduction actions to reduce operating expenses and accelerate gross margin initiatives, and recognized $15.7 million of restructuring costs in that quarter. In addition to the costs incurred in 2023, the Company incurred an additional $10.6 million of restructuring costs in the first quarter of 2024. Charges incurred related to this initiative were comprised of contract termination costs, severance and employee-related benefits, professional fees and other, and asset impairment charges and are included in the restructuring costs line in the Company’s consolidated statement of operations. The Company expects an additional $3 million of restructuring costs to be incurred through the remainder of 2024. During the first quarter of fiscal 2024, the Company recognized $10.6 million of restructuring costs, as follows (in thousands):
|  |  |  | Three Months Ended
|  |  |  | March 30, 2024
Cash restructuring costs: |  |  |  |
Contract termination costs (1) |  |  |  | $ | 4,413 |
Severance and employee-related benefits |  |  |  | 841 |
Professional fees and other |  |  |  | 2,846 |
Total cash restructuring costs |  |  |  | 8,100 |
Non-cash restructuring costs: |  |  |  |
Asset impairments (2) |  |  |  | 2,500 |
Total restructuring costs |  |  |  | $ | 10,600 |
____________________ (1) Primarily comprised of lease termination costs. (2) Primarily comprised of impairments of property and equipment. The following table provides the activity in the Company’s restructuring related liabilities, which are included within accounts payable, compensation and benefits and other current liabilities on the consolidated balance sheet (in thousands):
|  |  |  | Three Months Ended
|  |  |  | March 30, 2024
Balance at the beginning of year |  |  |  | $ | 8,720 |
Expenses |  |  |  | 8,100 |
Cash payments |  |  |  | (11,391) |
Balance at the end of the period |  |  |  | $ | 5,429 |

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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 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: 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 Reference 5: 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 + Details
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