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RESTRUCTURING (Tables)

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring and related costs

The following expenses were recognized within restructuring expenses in the condensed consolidated statements of operations for the three and six months ended June 30, 2023 (in thousands):

						Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
Separation pay(1)						$	(152)					$	57,593
Stock-based compensation(2)						—						84,042
Other personnel costs(1)						(883)						1,819
Total						$	(1,035)					$	143,454

__________________

(1)The negative adjustment of $0.2 million and $0.9 million during the three months ended June 30, 2023 is due to the release of accruals for certain separation pay expenses and other personnel costs, respectively, recorded as of March 31, 2023 which were not utilized.

(2)Represents stock-based compensation expenditures for the six months ended June 30, 2023 relating to the acceleration of the vesting of outstanding equity awards in accordance with the terms of such awards.

The following expenses were recognized within restructuring expenses in the condensed consolidated statements of operations for the three and six months ended June 30, 2022 (in thousands):

						Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
Separation pay						$	39,259					$	39,259
Other personnel costs						3,194						3,194
Total						$	42,453					$	42,453

Schedule of restructuring reserve by type of cost

The following table summarizes the balance of the 2023 Restructuring reserve and the changes in the reserve as of and for the six months ended June 30, 2023 (in thousands):

			Expenses Incurred(1)						Payments						Adjustments						Accrued Balance as of June 30, 2023
Separation pay			$	57,745					$	(56,180)					$	(152)					$	1,413
Other personnel costs			2,702						(1,620)						(883)						199
Total			$	60,447					$	(57,800)					$	(1,035)					$	1,612

_________________

(1)Excludes stock-based compensation as it was not reflected in the Company’s restructuring reserve on the condensed consolidated balance sheets.

The following table summarizes the balance of the 2022 Restructuring reserve and the changes in the reserve as of and for the six months ended June 30, 2022 (in thousands). The associated liability that remained outstanding as of June 30, 2022 was recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets:

			Expenses Incurred						Payments						Adjustments						Accrued Balance as of June 30, 2022
Separation pay			$	39,259					$	—					$	—					$	39,259
Other personnel costs			3,194						—						—						3,194
Total			$	42,453					$	—					$	—					$	42,453

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- Definition

Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

+ References

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-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 5.P.3)
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- Definition

Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
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-Name Accounting Standards Codification
-Topic 420
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-Section S99
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2

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