Restructuring expenses

9 Months Ended

Apr. 03, 2021

Restructuring expenses

Restructuring expenses

16. Restructuring expenses

Fiscal 2021

During fiscal 2021, the Company undertook restructuring actions to improve operating efficiencies and reduce operating expenses. Restructuring expenses are included as a component of restructuring, integration and other expenses in the consolidated statements of operations. The activity related to the restructuring liabilities associated with restructuring activities established during fiscal 2021 is presented in the following table:

			Facility
			and Contract
	Severance		Exit Costs		Total
	(Thousands)
Fiscal 2021 restructuring expenses	$	36,992	$	2,894	$	39,886
Cash payments		(21,097)		(1,497)		(22,594)
Non-cash amounts		—		(56)		(56)
Other, principally foreign currency translation		570		13		583
Balance at April 3, 2021	$	16,465	$	1,354	$	17,819

Severance expense recorded in the first nine months of fiscal 2021 related to the reduction, or planned reduction, of over 300 employees, primarily in executive management, operations, information technology, warehouse, sales and business support functions. Of the $39.9 million in restructuring expenses recorded during the first nine months of fiscal 2021, $22.5 million related to EC, $9.4 million related to Farnell and $8.0 million related to Corporate. The Company expects the majority of the remaining severance amounts to be paid by the end of fiscal 2021.

Fiscal 2020 and prior

During fiscal 2020 and prior, the Company incurred restructuring expenses related to various restructuring actions intended to achieve planned synergies from acquired businesses and to reduce future operating expenses. The following table presents the activity during the first nine months of fiscal 2021 related to the remaining restructuring liabilities established during fiscal 2020 and prior:

			Facility
			and Contract
	Severance		Exit Costs		Total
	(Thousands)
Balance at June 27, 2020	$	13,574	$	3,368	$	16,942
Cash payments		(5,569)		(1,042)		(6,611)
Changes in estimates, net		(2,901)		10		(2,891)
Other, principally foreign currency translation		579		216		795
Balance at April 3, 2021	$	5,683	$	2,552	$	8,235

The Company expects the majority of the remaining amounts to be paid by the end of fiscal 2021.