Restructuring Costs |
9 Months Ended |
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Oct. 01, 2023 | |
| Restructuring and Related Activities [Abstract] | |
| Restructuring Costs | Restructuring Costs Strategic Realignment of Fab1
On October 3, 2023, the Company announced that it initiated a strategic realignment of the Company’s first production line (“Fab1”) in Fremont designed to refocus the facility from a manufacturing hub to its “Center for Innovation,” focused on new product development, including a plan of workforce reduction. Currently, the Company expects this restructuring plan to be substantially completed in the fourth quarter of 2023.
In connection with such strategic realignment, the Company recorded approximately $3.0 million of restructuring costs for the quarter and fiscal year-to-date ended October 1, 2023, which consisted of severance, termination benefits, stock-based compensation expense and inventory costs. These restructuring costs were reflected in Restructuring cost in the Condensed Consolidated Statements of Operations. As of October 1, 2023, the Company has not paid any of the restructuring costs and $2.1 million of the restructuring liability was included in Accrued compensation on the Condensed Consolidated Balance Sheet. In addition, the Company also expects to recognize an accelerated depreciation expenses of approximately $36 million for Gen1 equipment between the fourth quarter of 2023 and the first quarter of 2024.
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- References No definition available.
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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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