Restructuring |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring | Note 13. Restructuring The Company’s restructuring events are primarily intended to reduce costs, consolidate operations, integrate various acquisitions, streamline product manufacturing and address market conditions. The Company’s restructuring charges include severance, benefits and outplacement costs to eliminate a specified number of positions and costs to vacate facilities and consolidate operations. The timing of associated cash payments is dependent upon the jurisdiction of the affected employees and the type of restructuring charge and can extend over multiple periods. Fiscal 2026 Plan During the third quarter of fiscal 2026, management approved a restructuring and workforce reduction plan (the Fiscal 2026 Plan) across our NSE and Optical Security and Performance Products (OSP) segments and Corporate (Corp) functions intended to improve operational efficiencies, better align the Company’s workforce with current business needs and strategic growth opportunities and includes integration of recently acquired businesses. The Fiscal 2026 Plan includes a global workforce reduction, facilities rationalization and asset write-offs. The Company expects approximately 5% of its global workforce to be affected. The Company anticipates the Fiscal 2026 Plan to be substantially complete by the end of calendar year 2026. A summary of the activity in the restructuring accrual is outlined below (in millions):
(1)Included in Other current liabilities on the Consolidated Balance Sheets as of October 3, 2026 and June 27, 2026. In addition, the Company incurred $0.2 million in restructuring charges related to pending site closures during the three months ended October 3, 2026. The Company also recognized Fiscal 2026 Plan charges of $0.3 million of accelerated depreciation during the three months ended October 3, 2026, and were recorded within SG&A in the Consolidated Statements of Operations. Fiscal 2024 Plan During the fourth quarter of fiscal 2024, management approved a restructuring and workforce reduction plan (the Fiscal 2024 Plan) across our NSE and OSP segments and Corp functions intended to improve operational efficiencies and better align the Company’s workforce with current business needs. During the three months ended September 27, 2025, the Company recorded restructuring benefits of $0.3 million related to the Fiscal 2024 Plan. The Fiscal 2024 Plan was completed in the fourth quarter of fiscal 2026 and impacted approximately 7% of the Company’s global workforce.
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