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Restructuring Costs (Tables) | 6 Months Ended
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Jun. 29, 2024
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring and Related Costs | During the three and six months ended June 29, 2024, the Company recognized $1.8 million and $12.4 million of restructuring costs, respectively, as follows (in thousands):
| Three Months Ended |  | Six Months Ended
| June 29, 2024 |  | June 29, 2024
Cash restructuring costs: |  |  |
Contract termination costs (1) | $(230) |  | $4,183
Severance and employee-related benefits | 401 |  | 1,242
Professional fees and other | 1,648 |  | 4,494
Total cash restructuring costs | 1,819 |  | 9,919
Non-cash restructuring costs: |  |  |
Asset impairments (2) | — |  | 2,500
Total restructuring costs | $1,819 |  | $12,419
____________________ (1) Primarily comprised of lease termination costs. The three months ended June 29, 2024 include a change in estimate. (2) Primarily comprised of impairments of property and equipment. Since the initiation of cost reduction actions in the fourth quarter of 2023, the Company has recognized a cumulative $28.1 million of restructuring costs, as follows (in thousands):
|  | Cumulative
|  | June 29, 2024
Cash restructuring costs: |  |
Contract termination costs (1) |  | $11,593
Severance and employee-related benefits |  | 6,208
Professional fees and other |  | 5,604
Total cash restructuring costs |  | 23,405
Non-cash restructuring costs: |  |
Asset impairments (2) |  | 4,742
Total restructuring costs |  | $28,147
____________________ (1)Primarily comprised of lease termination costs. (2) Includes impairments of both lease right-of-use assets and property and equipment.
Schedule of Restructuring Reserve by Type of Cost | 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):
|  |  | Six Months Ended
|  |  | June 29, 2024
Balance at the beginning of year |  |  | $8,720
Expenses |  |  | 9,919
Cash payments |  |  | (16,916)
Balance at the end of the period |  |  | $1,723

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- Definition Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.P.3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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- Definition Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.b.2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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