Subsequent Events

3 Months Ended

Sep. 28, 2024

Subsequent Events [Abstract]

Subsequent Events

Dividend

On October 16, 2024, the Company’s board of directors declared a quarterly cash dividend of $0.10 per share to be paid on November 20, 2024 to shareholders of record on the close of business on October 30, 2024.

Debt payment

On September 30, 2024, the Company repaid a total of $65.0 million of the outstanding borrowings under the senior secured term loans B due 2029. The Company has classified the debt associated with the repayment as a current liability in the condensed consolidated balance sheets as of September 28, 2024, based on both its intent and ability to repay the debt within the next 12 months.

Segment realignment

Effective October 30, 2024, the Company realigned its segments in order to align its segment financial reporting with a change in its business structure. Following the operating segment realignment, the Company’s two reportable segments are as follows: (1) Materials Solutions and (2) a new division that combines MC and AMH. The succeeding interim and annual periods will disclose the reportable segments with prior periods recast to reflect the change. The Company will evaluate any impairment implications from the segment changes and related reporting unit changes, if any, during the period in which the changes take effect.