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Restructuring Charges

3 Months Ended

Dec. 31, 2022

Restructuring Charges [Abstract]

Restructuring Charges

Restructuring Charges

In the first quarter of fiscal 2023 and 2022, the Company initiated restructuring plans to match strategic and financial objectives and optimize resources for long term growth, including a reduction in force program. In the first quarter of fiscal 2023, the Company recorded a restructuring charge of $8.7 million. The Company does not expect to record any significant future charges related to the first quarter of fiscal 2023 restructuring plan. In the first quarter of fiscal 2022, the Company recorded a restructuring charge of $7.9 million. The Company did not record any significant subsequent charges related to the first quarter of fiscal 2022 restructuring plan.

During the three months ended December 31, 2022 and 2021, the following activity was recorded (in thousands):

						Three months ended December 31,
						2022						2021
Employee Severance, Benefits and Related Costs
Accrued expenses, beginning of period						$	—					$	—
Restructuring charges						8,740						7,909
Cash payments						(6,354)						(4,027)
Accrued expenses, end of period						$	2,386					$	3,882

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- Definition

The entire 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.

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