LIFECORE BIOMEDICAL INC DE
For the period ended Nov 24, 2024. Filed Jan 2, 2025.
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Nov 24, 2024 · Filed Jan 2, 2025
Contents
Restructuring Costs
- Restructuring Costs
During fiscal year 2020, the Company commenced a multi-year restructuring plan to improve profitability and to redesign the organization to focus on strategic assets so that it could compete and thrive as a standalone public CDMO business. We expect to finish incurring expenses under this plan by the end of fiscal year 2025. Types of costs associated with this plan include: (i) employee termination costs, as a result of multiple reductions-in-force; and (ii) other costs related to the sale of non-strategic assets, including contract termination costs and asset write-offs. These costs are included within selling, general, and administrative costs on the consolidated statements of operations.
The following table presents the restructuring expenses incurred during the period:
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| November 24, 2024 | November 26, 2023 | November 24, 2024 | November 26, 2023 | |
| Employee termination costs | $396 | $157 | $835 | $139 |
| Other costs | 8 | — | 52 | 8 |
| Total restructuring costs | $404 | $157 | $887 | $147 |
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The following table presents a reconciliation of the beginning and ending restructuring liability balances:
| Employee termination costs | Other costs | Total | |
|---|---|---|---|
| Balance as of May 26, 2024 | $217 | $4,554 | $4,771 |
| Expense | 835 | 52 | 887 |
| Payments | (725) | (58) | (783) |
| Balance as of November 24, 2024 | $327 | $4,548 | $4,875 |
The following table presents actual and expected expenses incurred or to be incurred under the plan:
| Incurred through November 24, 2024 | Expected remaining costs to be incurred | Total expected costs | |
|---|---|---|---|
| Employee termination costs | $5,168 | $513 | $5,681 |
| Other costs | 13,438 | — | 13,438 |
| Asset write-off costs not included in the restructuring liability | 13,893 | — | 13,893 |
| Total restructuring costs | $32,499 | $513 | $33,012 |
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