RESTRUCTURING AND RELATED CHARGES

3 Months Ended

Mar. 29, 2024

Restructuring and Related Activities [Abstract]

The Company has implemented several restructuring plans in the past few years. The goal of these plans was to bring operational expenses to appropriate levels relative to the Company’s net revenue, while simultaneously implementing extensive company-wide expense control programs. The restructuring plans have primarily been comprised of severance payments and termination benefits related to headcount reductions.

During the first quarter of 2024, management initiated restructuring plans to further improve Video business efficiencies in order to drive long-term growth and profitability. The total restructuring cost associated with these 2024 restructuring activities is currently estimated to be $17 million and will primarily be recorded to the restructuring expense line item within our condensed consolidated statements of operations. We recorded $3.5 million of restructuring expense in the first quarter of fiscal 2024 and we expect to incur substantially all of the remaining restructuring expense through the end of fiscal 2024.

The following table summarizes the activities related to the Company’s restructuring plans accrual, reported as components of “Other current liabilities” on the Consolidated Balance Sheets:


(in thousands)	Severance and Benefits
Balance at December 31, 2023	$	313
Charges for current period	3,497
Cash payments	(2,841)
Other	(119)
Balance at March 29, 2024	$	850