Restructurings (Tables)
|
12 Months Ended |
Jun. 30, 2025 |
|---|
| Fiscal Year 2024 Restructuring Actions |
|
| Restructuring Cost and Reserve [Line Items] |
|
| Schedule of restructuring charges |
The restructuring and restructuring-related charges, including the impairment (recovery) of assets held-for-sale, for periods presented were recorded in the Consolidated Statements of Earnings and Comprehensive Income as follows (in thousands):
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
June 30, |
|
|
|
2025 |
|
|
2024 |
Cost of sales |
|
$ |
— |
|
$ |
3,349 |
Selling, general and administrative(1) |
|
|
(1,191) |
|
|
30,638 |
Total |
|
$ |
(1,191) |
|
$ |
33,987 |
| (1) |
Restructuring actions impacting research and development are not material to separately disclose and have been included within Selling, general and administrative costs. |
Restructuring and restructuring-related costs by segment are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended June 30, |
|
|
2025 |
|
2024 |
|
|
|
Employee |
|
|
Asset-related |
|
|
Recovery of |
|
|
|
|
|
Employee |
|
|
Asset-related |
|
|
Impairment of |
|
|
|
|
|
|
severance |
|
|
and other |
|
|
assets held-for-sale |
|
|
Total |
|
|
severance |
|
|
and other |
|
|
assets held-for-sale |
|
|
Total |
Protein Sciences |
|
$ |
127 |
|
$ |
73 |
|
$ |
(2,557) |
|
$ |
(2,357) |
|
$ |
3,483 |
|
$ |
5,130 |
|
$ |
21,963 |
|
$ |
30,576 |
Diagnostics and Spatial Biology |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,007 |
|
|
224 |
|
|
— |
|
|
1,231 |
Corporate |
|
|
86 |
|
|
1,080 |
|
|
— |
|
|
1,166 |
|
|
1,153 |
|
|
1,027 |
|
|
— |
|
|
2,180 |
Total |
|
$ |
213 |
|
$ |
1,153 |
|
$ |
(2,557) |
|
$ |
(1,191) |
|
$ |
5,643 |
|
$ |
6,381 |
|
$ |
21,963 |
|
$ |
33,987 |
|
| Schedule of restructuring reserve |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment (recovery) |
|
|
|
|
|
|
Employee |
|
|
Asset-related |
|
|
of assets |
|
|
|
|
|
|
severance(1) |
|
|
and other(2) |
|
|
held-for-sale |
|
|
Total |
Initial expense incurred in the second quarter of 2024 |
|
|
4,882 |
|
|
504 |
|
|
6,038 |
|
|
11,424 |
Incremental expense incurred in the remainder of 2024 |
|
|
542 |
|
|
5,877 |
|
|
15,926 |
|
|
22,345 |
Cash payments |
|
|
(4,882) |
|
|
(2,800) |
|
|
— |
|
|
(7,682) |
Non-cash adjustments |
|
|
— |
|
|
(3,391) |
|
|
(21,963) |
|
|
(25,354) |
Adjustments(3) |
|
|
219 |
|
|
— |
|
|
— |
|
|
219 |
Accrued restructuring actions balance as of June 30, 2024 |
|
$ |
761 |
|
$ |
190 |
|
$ |
— |
|
$ |
952 |
Incremental expense incurred in fiscal 2025 |
|
|
213 |
|
|
1,153 |
|
|
(2,557) |
|
|
(1,191) |
Cash payments |
|
|
(974) |
|
|
(1,343) |
|
|
— |
|
|
(2,317) |
Non-cash adjustments |
|
|
— |
|
|
— |
|
|
2,557 |
|
|
2,557 |
Accrued restructuring actions balance as of June 30, 2025 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
| (1) |
Relates to impacted employees’ final paycheck, separation payments, outplacement services, legal fees, and retention packages related to the closure or sale of certain distribution and manufacturing sites. |
| (2) |
Primarily relates to impairment of right-of-use assets, lease termination fees, consulting fees, and expenses for changes to supporting IT systems that are enabling the Company to complete the restructuring initiatives. |
| (3) |
Relates to the refinement of the accrual recorded in the second quarter of fiscal 2024. |
|
| Restructuring Plan to Optimize Global Manufacturing |
|
| Restructuring Cost and Reserve [Line Items] |
|
| Schedule of restructuring charges |
The restructuring and restructuring-related charges for periods presented were recorded in the Consolidated Statements of Earnings and Comprehensive Income as follows (in thousands):
|
|
|
|
|
|
Year Ended |
|
|
June 30, |
|
|
2025 |
Cost of sales |
|
$ |
11,471 |
Selling, general and administrative |
|
|
84,160 |
Total |
|
$ |
95,631 |
Restructuring and restructuring-related costs by segment are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended June 30, 2025 |
|
|
|
Employee |
|
|
Asset-related |
|
|
Impairment of |
|
|
|
|
|
|
severance |
|
|
and other |
|
|
assets held-for-sale |
|
|
Total |
Protein Sciences |
|
$ |
— |
|
$ |
11,471 |
|
$ |
— |
|
$ |
11,471 |
Diagnostics and Spatial Biology |
|
|
— |
|
|
— |
|
|
83,059 |
|
|
83,059 |
Corporate |
|
|
1,041 |
|
|
60 |
|
|
— |
|
|
1,101 |
Total |
|
$ |
1,041 |
|
$ |
11,531 |
|
$ |
83,059 |
|
$ |
95,631 |
|
| Schedule of restructuring reserve |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment |
|
|
|
|
|
Employee |
|
Asset |
|
|
of assets |
|
|
|
|
severance(1) |
|
impairment and other(2) |
|
|
held-for-sale |
|
Total |
Expense incurred in the fourth quarter of 2025 |
|
$ |
1,041 |
|
$ |
11,531 |
|
$ |
83,059 |
|
$ |
95,631 |
Cash payments |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Non-cash adjustments |
|
|
— |
|
|
(11,471) |
|
|
(83,059) |
|
|
(94,530) |
Accrued restructuring actions balance as of June 30, 2025 |
|
$ |
1,041 |
|
$ |
60 |
|
$ |
— |
|
$ |
1,101 |
| (1) |
Relates to impacted employees’ final paycheck, separation payments, outplacement services, legal fees, and retention packages. |
| (2) |
Primarily relates to impairment of inventory and equipment. |
|
| Restructuring Plan to Recover Operating Margins |
|
| Restructuring Cost and Reserve [Line Items] |
|
| Schedule of restructuring charges |
|
|
|
|
|
|
Year Ended |
|
|
June 30, |
|
|
2025 |
Cost of sales |
|
$ |
8,585 |
Selling, general and administrative(1) |
|
|
5,832 |
Total |
|
$ |
14,417 |
| (1) |
Restructuring actions impacting research and development are not material to separately disclose and have been included within Selling, general and administrative costs. |
Restructuring and restructuring-related costs by segment are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Year ended June 30, 2025 |
|
|
|
Employee |
|
|
Asset-related |
|
|
|
|
|
|
severance |
|
|
and other |
|
|
Total |
Protein Sciences |
|
$ |
2,425 |
|
$ |
10,972 |
|
$ |
13,397 |
Diagnostics and Spatial Biology |
|
|
411 |
|
|
— |
|
|
411 |
Corporate |
|
|
609 |
|
|
— |
|
|
609 |
Total |
|
$ |
3,445 |
|
$ |
10,972 |
|
$ |
14,417 |
|
| Schedule of restructuring reserve |
|
|
|
|
|
|
|
|
|
|
|
|
Employee |
|
Asset |
|
|
|
|
severance(1) |
|
impairment and other(2) |
|
Total |
Initial expense incurred in the first quarter of 2025 |
|
$ |
2,852 |
|
$ |
7,417 |
|
$ |
10,269 |
Incremental expense incurred in remainder of 2025 |
|
|
593 |
|
|
3,555 |
|
|
4,148 |
Cash payments |
|
|
(2,223) |
|
|
(1,131) |
|
|
(3,354) |
Non-cash adjustments |
|
|
— |
|
|
(9,841) |
|
|
(9,841) |
Accrued restructuring actions balance as of June 30, 2025 |
|
$ |
1,222 |
|
$ |
— |
|
$ |
1,222 |
| (1) |
Relates to impacted employees’ final paycheck, separation payments, outplacement services, legal fees, and retention packages related to the closure or relocation of certain manufacturing sites. |
| (2) |
Primarily relates to impairment of intangibles and inventory as a result of the closure and relocation of certain manufacturing sites. |
|
| QT Holdings Corporation | Fiscal Year 2023 Restructuring Actions |
|
| Restructuring Cost and Reserve [Line Items] |
|
| Schedule of restructuring charges |
|
|
|
|
|
|
|
|
|
|
|
|
Employee |
|
Asset |
|
|
|
|
severance |
|
impairment and other |
|
Total |
Selling, general and administrative |
|
$ |
1,328 |
|
$ |
842 |
|
$ |
2,170 |
|
| Schedule of restructuring reserve |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee |
|
Asset |
|
|
|
|
severance |
|
impairment and other |
|
Total |
Expense incurred in the first quarter of 2023 |
|
$ |
1,328 |
|
$ |
842 |
|
$ |
2,170 |
Cash payments |
|
|
(1,233) |
|
|
(772) |
|
|
(2,005) |
Adjustments |
|
|
(95) |
|
|
(70) |
|
|
(165) |
Accrued restructuring actions balances as of June 30, 2023 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
| Protein Sciences | Fiscal Year 2023 Restructuring Actions |
|
| Restructuring Cost and Reserve [Line Items] |
|
| Schedule of restructuring reserve |
|
|
|
|
|
|
Employee |
|
|
severance |
Expense incurred in fiscal year 2023 |
|
$ |
1,677 |
Fiscal year 2023 cash payments |
|
|
(762) |
Fiscal year 2023 adjustments |
|
|
(18) |
Accrued restructuring actions balance as of June 30, 2023 |
|
$ |
897 |
Fiscal year 2024 cash payments |
|
|
(1,118) |
Fiscal year 2024 adjustments(1) |
|
|
221 |
Accrued restructuring actions balance as of June 30, 2024 |
|
$ |
— |
| (1) |
Fiscal 2024 adjustments relate to the refinement of the accrual recorded in fiscal 2023. |
|