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Restructuring Costs (Tables) | 9 Months Ended
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Sep. 28, 2024
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring and Related Costs | The following table provides a summary of the Company’s restructuring costs during the during the three and nine months ended September 28, 2024:
| Three Months Ended |  | Nine Months Ended
| September 28, 2024 |  | September 28, 2024
Cash restructuring costs: |  |  |
Contract termination costs (1) | $300 |  | $4,483
Severance and employee-related benefits | 1,663 |  | 2,905
Professional fees and other | — |  | 4,494
Total cash restructuring costs | 1,963 |  | 11,882
Non-cash restructuring costs: |  |  |
Asset impairments (2) | — |  | 2,500
Total restructuring costs | $1,963 |  | $14,382
____________________ (1) Primarily comprised of lease termination costs. (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 $30.1 million of restructuring costs, as follows (in thousands):
|  | Cumulative
|  | September 28, 2024
Cash restructuring costs: |  |
Contract termination costs (1) |  | $11,893
Severance and employee-related benefits |  | 7,871
Professional fees and other |  | 5,604
Total cash restructuring costs |  | 25,368
Non-cash restructuring costs: |  |
Asset impairments (2) |  | 4,742
Total restructuring costs |  | $30,110
____________________ (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 | 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 condensed consolidated balance sheet (in thousands):
|  |  | Nine Months Ended
|  |  | September 28, 2024
Balance at the beginning of year |  |  | $8,720
Expenses |  |  | 11,882
Cash payments |  |  | (19,282)
Balance at the end of the period |  |  | $1,320

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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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