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Restructuring Activities

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring Activities

Restructuring ActivitiesIn February 2023, the Company announced a workforce reduction plan (the “February 2023 Plan”) that eliminated approximately 17% of the Company’s workforce. The execution of the February 2023 Plan was substantially complete in the first quarter of 2023. In the three months ended June 30, 2023, the Company recorded additional restructuring charges of $14.9 million, which consisted of $14.6 million related to employee severance, benefits and facilitation costs and $0.3 million relating to vesting of stock-based awards of the impacted employees. In the six months ended June 30, 2023, the cumulative restructuring charges of $136.8 million consisted of $126.2 million related to employee severance, benefits and facilitation costs, and $10.6 million related to vesting of employee stock based compensation awards. The $10.6 million expense related to vesting of the employee stock-based compensation awards is recorded in additional-paid-in-capital in the accompanying condensed consolidated statement of stockholders’ equity. The estimated remaining expenses related to the February 2023 Plan are not expected to be significant.

The following table summarizes the Company’s restructuring liability related to the February 2023 Plan that is included in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet:

						Workforce Reduction Costs						Facilitation Costs			Total
						(In thousands)
Balance as of December 31, 2022						$	—					$	—		$	—
Restructuring charges						117,368						8,847			126,215
Cash payments						(99,888)						(8,613)			(108,501)
Balance as of June 30, 2023						$	17,480					$	234		$	17,714

The activity and the remaining amounts related to the restructuring plan effected in September 2022 (the “September 2022 Plan”) were not significant.

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//420/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2

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