v3.25.1
Restructuring Charges
3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Charges

(16) Restructuring Charges

On February 8, 2023, the Company announced a consolidation plan, pursuant to which the Company ceased operations at three of its manufacturing facilities during the fiscal year ended January 1, 2024 and consolidated the operations of those facilities into other Company facilities. The three manufacturing facilities were PCB operations located in Anaheim and Santa Clara, California, and Hong Kong. The Company recorded $27,850 of restructuring charges and $6,032 of accelerated depreciation since the February 8, 2023 announcement.

In addition to this consolidation plan, the Company recognized employee separation, contract termination, and other costs during the quarters ended March 31, 2025 and April 1, 2024 in connection with other global realignment restructuring efforts. Contract termination and other costs primarily represented plant closure costs.

Restructuring costs by reportable segment were as follows:

 

 

 

For the Quarter Ended

 

 

 

March 31, 2025

 

 

April 1, 2024

 

 

 

Employee
Separation/
Severance

 

 

Contract
Termination
and Other Costs

 

 

Total

 

 

Employee
Separation/
Severance

 

 

Contract
Termination
and Other Costs

 

 

Total

 

 

 

(In thousands)

 

PCB

 

$

(365

)

 

$

1,235

 

 

$

870

 

 

$

 

 

$

3,890

 

 

$

3,890

 

Corporate and Other

 

 

(156

)

 

 

 

 

 

(156

)

 

 

 

 

 

48

 

 

 

48

 

Total

 

$

(521

)

 

$

1,235

 

 

$

714

 

 

$

 

 

$

3,938

 

 

$

3,938

 

Accrued restructuring costs are included as a component of other current liabilities in the consolidated condensed balance sheet. The utilization of the accrued restructuring costs was as follows:

 

 

 

Employee
Separation/
Severance

 

 

Contract
Termination
and Other Costs

 

 

Total

 

 

 

(In thousands)

 

Accrued as of December 30, 2024

 

$

3,077

 

 

$

409

 

 

$

3,486

 

(Credited) charged to expense

 

 

(521

)

 

 

1,235

 

 

 

714

 

Amount paid

 

 

(1,258

)

 

 

(1,443

)

 

 

(2,701

)

Accrued as of March 31, 2025

 

$

1,298

 

 

$

201

 

 

$

1,499