Restructuring expenses

9 Months Ended

Mar. 30, 2024

Restructuring expenses

Restructuring expenses

14. Restructuring expenses

Fiscal 2024

During fiscal 2024, the Company executed certain restructuring actions to reduce future operating expenses including specific restructuring actions to reduce expenses within the Farnell operating group. The following table presents the activity during the first nine months of fiscal 2024 related to the restructuring liabilities established during fiscal 2024:

	Severance		Other		Total
	(Thousands)
Fiscal 2024 restructuring expenses	$	16,578	$	998	$	17,576
Cash payments		(6,839)		—		(6,839)
Other, principally foreign currency translation		17		—		17
Balance at March 30, 2024	$	9,756	$	998	$	10,754

Severance expense recorded in the first nine months of fiscal 2024 related to the reduction, or planned reduction, of approximately 400 employees, primarily in operations, warehouse, and business support functions. Of the $17.6 million in restructuring expenses recorded in the first nine months of fiscal 2024, $3.1 million related to EC, $9.1 million related to Farnell, and $5.4 million related to Corporate. The Company expects the majority of the remaining severance amounts to be paid by December 2024.

Fiscal 2023

During fiscal 2023, the Company incurred restructuring expenses primarily related to the planned closure of a Farnell distribution center intended to reduce future operating expenses. The Company expects the majority of the remaining amounts to be paid by December 2024. The following table presents the activity during the first nine months of fiscal 2024 related to the remaining restructuring liabilities established during fiscal 2023:

			Facility
	Severance		Exit Costs		Total
	(Thousands)
Balance at July 1, 2023	$	15,507	$	504	$	16,011
Cash payments		(15,316)		—		(15,316)
Other, principally foreign currency translation		126		2		128
Balance at March 30, 2024	$	317	$	506	$	823