Restructuring, Acquisition, and Related Costs

6 Months Ended

Jun. 28, 2024

Restructuring and Related Activities [Abstract]

Restructuring, Acquisition, and Related Costs

14. Restructuring, Acquisition, and Related Costs

The following table summarizes restructuring, acquisition, and related costs in the accompanying consolidated statements of operations (in thousands):

	Three Months Ended				Six Months Ended
	June 28,		June 30,		June 28,		June 30,
	2024		2023		2024		2023
2024 restructuring	$	2,523	$	—	$	3,071		—
2022 restructuring		—		677		—		2,874
2020 restructuring		—		459		—		733
Total restructuring charges		2,523		1,136		3,071		3,607
Acquisition and related charges		20		98		1,755		103
Total restructuring, acquisition, and related costs	$	2,543	$	1,234	$	4,826	$	3,710

2024 Restructuring

As a result of the Company’s acquisitions and ongoing integration activities, the Company initiated the 2024 restructuring program in the first quarter of 2024 in order to reduce operating complexity. During the three and six months ended June 28, 2024, the Company recorded $2.5 million and $3.1 million, respectively, in severance, facility related and other charges in connection with the 2024 restructuring program. As of June 28, 2024, the Company had incurred cumulative costs of $3.1 million related to this restructuring program. The Company anticipates substantially completing the 2024 restructuring program by the end of 2024 and expects to incur additional restructuring charges of $3.0 million to $4.0 million related to the 2024 restructuring program.

The following table summarizes restructuring costs associated with the 2024 restructuring program by reportable segment (in thousands):

	Three Months Ended				Six Months Ended
	June 28,		June 30,		June 28,		June 30,
	2024		2023		2024		2023
Precision Medicine and Manufacturing	$	1,853	$	—	$	1,888	$	—
Medical Solutions		151		—		357		—
Robotics and Automation		166		—		410		—
Unallocated Corporate and Shared Services		353		—		416		—
Total	$	2,523	$	—	$	3,071	$	—

Rollforward of Accrued Expenses Related to Restructuring

The following table summarizes the accrual activities, by component, related to the Company’s restructuring plans recorded in the accompanying consolidated balance sheets (in thousands):

	Total			Employee Related			Facility Related			Other
Balance at December 31, 2023	$	2,850		$	1,038		$	1,680		$	132
Restructuring charges		3,071			2,231			659			181
Cash payments		(2,447	)		(992	)		(1,163	)		(292	)
Non-cash write-offs and other adjustments		(40	)		(12	)		(32	)		4
Balance at June 28, 2024	$	3,434		$	2,265		$	1,144		$	25

Acquisition and Related Charges

Acquisition costs in connection with business combinations, including finders’ fees, legal, valuation, and other professional or consulting fees, totaled less than $0.1 million and $1.8 million for the three and six months ended June 28, 2024, respectively, and $0.1 million for both the three and six months ended June 30, 2023. The majority of acquisition and related costs for the three and six months ended June 28, 2024 and the three and six months ended June 30, 2023 were included in the Company’s unallocated Corporate and Shared Services reportable segment.