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RESTRUCTURING (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2023 (in thousands):

						Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
Separation pay(1)						$	(860)					$	56,733
Stock-based compensation(2)						—						84,042
Other personnel costs						—						1,819
Total						$	(860)					$	142,594

__________________

(1)Reduction of $0.9 million during the three months ended September 30, 2023 was due to the release of accruals for certain separation pay expenses recorded as of June 30, 2023 which were not utilized.

(2)Represents stock-based compensation expenditures for the nine months ended September 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 nine months ended September 30, 2022 (in thousands):

						Three Months Ended September 30, 2022						Nine Months Ended September 30, 2022
Separation pay						$	—					$	39,259
Other personnel costs (1)						(1,232)						1,962
Total						$	(1,232)					$	41,221

_________________

(1)Reduction of $1.2 million during the three months ended September 30, 2023 was due to the release of accruals for certain other personnel costs recorded as of June 30, 2022 which were not utilized.

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 nine months ended September 30, 2023 (in thousands):

			Expenses Incurred(1)						Payments						Adjustments(2)						Accrued Balance as of September 30, 2023
Separation pay			$	57,745					$	(56,733)					$	(1,012)					$	—
Other personnel costs			2,702						(1,819)						(883)						—
Total			$	60,447					$	(58,552)					$	(1,895)					$	—

_________________

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

(2)Reductions of $1.0 million and $0.9 million during the nine months ended September 30, 2023 were 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.

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

			Expenses Incurred						Payments						Adjustments						Accrued Balance as of September 30, 2022
Separation pay			$	39,259					$	(37,940)					$	—					$	1,319
Other personnel costs			3,194						(1,480)						(1,232)						482
Total			$	42,453					$	(39,420)					$	(1,232)					$	1,801

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- References

No definition available.

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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
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-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2

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