Restructuring, Acquisition, and Related Costs |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring, Acquisition, and Related Costs | 15. Restructuring, Acquisition, and Related Costs The following table summarizes restructuring, acquisition, and related costs in the accompanying consolidated statements of operations (in thousands):
2025 Restructuring The Company initiated the 2025 restructuring program in the second quarter of 2025 in order to streamline operations and align with our long-term goals. The 2025 restructuring program includes measures to regionalize manufacturing operations to better serve its customers, expedite the closure of certain sites, streamline management structures, and implement cost-saving strategies in areas anticipated to have a minimal long-term impact on the Company's overall business performance. During the three months ended April 3, 2026, the Company recorded $1.0 million in severance, facility related and other charges in connection with the 2025 restructuring program. As of April 3, 2026, the Company had incurred cumulative costs of $15.1 million related to this restructuring program. The Company anticipates substantially completing the 2025 restructuring program by the end of 2026. Total restructuring charges related to this program are expected to be approximately $25.0 million. The following table summarizes restructuring costs associated with the 2025 restructuring program by reportable segment (in thousands):
2024 Restructuring As a result of the Company’s acquisitions and ongoing integration activities, the Company initiated the 2024 restructuring program in the first quarter of 2024 in order to reduce operating complexity. During the three months ended April 3, 2026, the Company recorded $0.5 million in severance, facility related and other charges in connection with the 2024 restructuring program. As of April 3, 2026, the Company had incurred cumulative costs of $16.7 million related to this restructuring program. The Company anticipates substantially completing the 2024 restructuring program by the end of 2026 and expects to incur additional restructuring charges of $1.5 million to $2.5 million related to the 2024 restructuring program. The following table summarizes restructuring costs associated with the 2024 restructuring program by reportable segment (in thousands):
2020 Restructuring As a result of the Company’s ongoing evaluations and efforts to reduce its operating costs, while improving efficiency and effectiveness, the Company initiated the 2020 restructuring program in the third quarter of 2020. This program was focused on reducing operating complexity in the Company, including reducing infrastructure costs and streamlining the Company’s operating model to better serve its customers. In addition, the program was focused on cost reduction actions to improve gross margins for the overall company. As of April 3, 2026, the Company had incurred cumulative costs of $13.1 million related to the 2020 restructuring program. The 2020 restructuring program activities were completed in the fourth quarter of 2023. In January 2025, the Company sold a facility from the 2020 restructuring program and recorded a $3.6 million gain in the Company’s Automation Enabling Technologies segment. Roll-forward of Accrued Expenses Related to Restructuring The following table summarizes the accrual activities, by component, related to the Company’s restructuring plans recorded in the accompanying consolidated balance sheets (in thousands):
(1) Non-cash charges primarily related to accelerated depreciation on a facility. Acquisition and Related Charges Acquisition costs in connection with business combinations, including advisor, legal, valuation, and other professional or consulting fees, totaled $1.1 million for the three months ended April 3, 2026, and $0.6 million for the three months ended March 28, 2025. The majority of acquisition and related costs for the three months ended April 3, 2026 were included in unallocated costs and the Medical Solutions segment. The majority of acquisition and related costs for the three months ended March 28, 2025 were included in unallocated costs. |
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