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Restructuring | 9 Months Ended
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Nov. 02, 2024
Restructuring and Related Activities [Abstract] |
Restructuring | Note 19 - Restructuring On July 26, 2023, we adopted a restructuring plan for our Product Identification segment. As part of the restructuring plan, we transitioned a portion of the printer manufacturing within our Product Identification segment from our facilities in Rhode Island to our Astro Machine, Inc. facility located in Illinois. In addition, we ceased selling certain of our older, lower-margin or low-volume Product Identification segment products. As part of the restructuring plan, we consolidated certain of our international Product Identification sales and distribution facilities, streamlined our channel partner network, and also made targeted reductions to our workforce. As of January 31, 2024, we completed this plan. As a result of the adoption and implementation of our Product Identification segment restructuring plan, in the second quarter of our fiscal year 2024 we recognized pre-tax restructuring charge of $2.7 million, comprised primarily of non-cash charges related to inventory write-offs associated with product curtailment and discontinuation and facility exit related costs, and cash charges related to severance-related costs. Below is a summary of the restructuring costs and liability by type as of October 28, 2023.
(in thousands) |  | Restructuring Costs |  |  | Amounts paid in quarter ended July 29, 2023 |  |  | Amounts paid in quarter ended October 28, 2023 |  |  | Restructuring Liability |
Severance and Employee Related Costs |  | $ | 611 |  |  | $ | (40 | ) |  | $ | (320 | ) |  | $ | 251 |
Inventory Write-Off |  |  | 1,991 |  |  |  | — |  |  |  | — |  |  |  | — |
Facility Exit and Other Restructuring Costs |  | 49 |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 2,651 |  |  | $ | (40 | ) |  | $ | (320 | ) |  | $ | 251 |
The restructuring liability was included in other accrued expenses in the condensed consolidated balance sheet as of October 28, 2023, and was paid by the end of fiscal 2024. The following table summarizes restructuring costs included in the accompanying condensed consolidated statement of income for the nine months ended October 28, 2023:
(in thousands) |  |  |
Cost of Revenue |  | $ | 2,096 |
Operating Expenses: |  |  |
Selling & Marketing |  | 443 |
Research & Development |  | 29 |
General & Administrative |  | 83 |
Total |  | $ | 2,651 |
Product Retrofit Program In connection with our fiscal 2024 restructuring plan, we identified the need to address quality and reliability issues in certain models of our PI printers as a result of faulty ink provided by one of our larger suppliers. In order to remedy these issues and maintain solid customer relationships, during the second quarter of fiscal 2024, we initiated a program to retrofit all of the printers sold to our customers that were affected by the faulty ink. Upon initiating this program, we identified approximately 150 printers sold to our customers that were affected by the faulty ink. We began to work with our customers to either repair or replace the affected printers and did this on a gradual basis beginning in the second quarter of fiscal 2024 through March 2024. The initial estimated costs associated with this program at July 29, 2023 were $0.9 million, which included the cost of parts, labor and travel. Those costs were recognized and recorded in the second quarter of fiscal 2024 and are included in cost of revenue in the accompanying consolidated statement of income for the three and nine months ended October 28, 2023. This program was concluded by the end of fiscal 2024 and there was no balance in the related liability for this program at January 31, 2024.

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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 S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: 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 + Details
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