Restructuring Costs

9 Months Ended

Sep. 28, 2025

Restructuring and Related Activities [Abstract]

Restructuring Costs

Restructuring Costs

2024 Restructuring Plan

In May 2024, our Board of Directors approved a restructuring plan (the “2024 Restructuring Plan”) designed to reduce operating costs and support our strategic goals. The restructuring liability was included in Other current liability on our Condensed Consolidated Balance Sheets. The 2024 Restructuring Plan was substantially complete in fiscal year 2024. As of December 29, 2024, we had $0.4 million of the restructuring liability and the restructuring liability was paid in cash during the fiscal year-to-date ended September 28, 2025. As of September 28, 2025, we did not have restructuring liability on our Condensed Consolidated Balance Sheets.

In connection with the 2024 Restructuring Plan, we recorded estimated pre-tax restructuring and related charges of $3.7 million and $41.8 million during the fiscal quarter and fiscal year-to-date ended September 29, 2024. These restructuring costs were reflected in Restructuring cost in the Condensed Consolidated Statements of Operations. The restructuring costs for the fiscal year-to-date ended September 29, 2024 included non-cash charges of $38.2 million of loss on disposals of Fab1 long-lived asset in Fremont, California and $1.2 million of stock-based compensation expense, and cash charges of $1.6 million of severance and termination benefits and $0.8 million of other charges.

For the fiscal quarter and fiscal year-to-date ended September 28, 2025, we did not record any restructuring and related charges.