Restructuring expenses

12 Months Ended

Jun. 29, 2024

Restructuring expenses

Restructuring expenses

17. Restructuring expenses

Fiscal 2024

During fiscal 2024, the Company incurred restructuring expenses primarily related to headcount reductions including from the planned closure of certain distribution centers intended to reduce future operating expenses. The following table presents the activity incurred during fiscal 2024:

			Asset
	Severance		Impairments		Other		Total
	(Thousands)
Fiscal 2024 restructuring expenses	$	38,493	$	392	$	582	$	39,467
Cash payments		(14,549)		—		(582)		(15,131)
Non-cash amounts		—		(392)		—		(392)
Other, principally foreign currency translation		(106)		—		—		(106)
Balance at June 29, 2024	$	23,838	$	—	$	—	$	23,838

Severance expense recorded in fiscal 2024 related to the reduction, or planned reduction, of approximately 630 employees, primarily in operations, distribution centers, and business support functions. Of the $39.5 million in restructuring expenses recorded in fiscal 2024, $24.3 million related to EC, $9.7 million related to Farnell, and $5.5 million related to Corporate. The Company expects the majority of the remaining severance amounts to be paid by the end of December 2024

Fiscal 2023

During fiscal 2023, the Company incurred restructuring expenses primarily related headcount reductions and planned closure of certain distribution centers intended to reduce future operating expenses. The Company expects the majority of the remaining amounts to be paid by the end of 2024. The following table presents the activity during 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		125		2		127
Balance at June 29, 2024	$	316	$	506	$	822