Restructuring expenses

3 Months Ended

Sep. 28, 2024

Restructuring expenses

Restructuring expenses

13. Restructuring expenses

Fiscal 2025

During fiscal 2025, 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 quarter of fiscal 2025 related to the restructuring liabilities established during fiscal 2025:

			Facility		Asset
	Severance		Exit Costs		Impairments		Total
	(Thousands)
Fiscal 2025 restructuring expenses	$	3,353	$	5,228	$	14,904	$	23,485
Cash payments		(1,684)		(5,217)		—		(6,901)
Non-cash amounts		—		(11)		(14,904)		(14,915)
Other, principally foreign currency translation		30		—		—		30
Balance at September 28, 2024	$	1,699	$	—	$	—	$	1,699

Severance expense recorded in the first quarter of fiscal 2025 related to the reduction, or planned reduction, of approximately 40 employees, primarily in operations, distribution centers, and business support functions. Of the $23.5

million in restructuring expenses recorded in the first quarter of fiscal 2025, $2.7 million related to EC, and $20.8 million related to Farnell. The Company expects the majority of the remaining amounts to be paid by the end of 2024.

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 Company expects the majority of the remaining amounts to be paid by the end of fiscal 2025. The following table presents the activity during the first quarter of fiscal 2025 related to the remaining restructuring liabilities established during fiscal 2024:

	Severance
	(Thousands)
Balance at June 29, 2024	$	23,838
Cash payments		(7,023)
Changes in estimates, net		(127)
Other, principally foreign currency translation		40
Balance at September 28, 2024	$	16,728