Restructuring Costs (Tables)

3 Months Ended

Mar. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

During the first quarter of fiscal 2024, the Company recognized $10.6 million of restructuring costs, as follows (in thousands):

	Three Months Ended
	March 30, 2024
Cash restructuring costs:
Contract termination costs (1)	$	4,413
Severance and employee-related benefits	841
Professional fees and other	2,846
Total cash restructuring costs	8,100
Non-cash restructuring costs:
Asset impairments (2)	2,500
Total restructuring costs	$	10,600

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(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 $26.3 million of restructuring costs, as follows (in thousands):

	Cumulative
	March 30, 2024
Cash restructuring costs:
Contract termination costs (1)	$	11,823
Severance and employee-related benefits	5,807
Professional fees and other	3,956
Total cash restructuring costs	21,586
Non-cash restructuring costs:
Asset impairments (2)	4,742
Total restructuring costs	$	26,328

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(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 by Type of Cost

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 consolidated balance sheet (in thousands):

	Three Months Ended
	March 30, 2024
Balance at the beginning of year	$	8,720
Expenses	8,100
Cash payments	(11,391)
Balance at the end of the period	$	5,429