Note 6 - Restructuring

9 Months Ended

Sep. 28, 2024

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

Note 6 - Restructuring

In September 2024, our management commenced an internal restructuring plan ("the Q3 2024 Plan"), which includes a global workforce reduction. Under this plan, we have accrued restructuring costs of approximately $6.5 million through September 28, 2024. The Q3 2024 plan is expected to be largely complete in the first half of fiscal year 2025.

Under the Q3 2023 Plan, which is described in the 2023 10-K, we incurred restructuring costs of approximately $0.3 million and approximately $5.3 million during the third quarter and first nine months, respectively, of fiscal 2024. Under this plan, approximately $7.3 million of total costs have been incurred through September 28, 2024. The Q3 2023 Plan is expected to be largely complete by the end of fiscal year 2024.

Other restructuring activity in the periods presented consisted of expense adjustments on previous plans. Costs and adjustments on restructuring plans are recorded to Restructuring on our Consolidated Statements of Operations. The restructuring accrual balance is presented in Accrued liabilities and in Other long-term liabilities on our Consolidated Balance Sheets. The following table displays the activity related to our restructuring plans:

(In thousands)	Severance & Related (1)			Lease Termination & Fixed Assets			Other (2)			Total
Accrued Restructuring at December 30, 2023	$	1,490		$	4,508		$	620		$	6,618
Restructuring		11,851			(49	)		(620	)		11,182
Costs paid or otherwise settled		(4,012	)		(1,094	)		—			(5,106	)
Accrued Restructuring at September 28, 2024	$	9,329		$	3,365		$	—		$	12,694
Accrued Restructuring at December 31, 2022	$	400		$	5,892		$	640		$	6,932
Restructuring		1,365			58			4			1,427
Costs paid or otherwise settled		(446	)		(1,083	)		(24	)		(1,553	)
Accrued Restructuring at September 30, 2023	$	1,319		$	4,867		$	620		$	6,806

(1)	Includes employee relocation and outplacement costs
(2)	Includes termination fees on the cancellation of certain contracts