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Subsequent Events
9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Credit Facility
On November 3, 2022, we entered into a revolving credit agreement with certain lenders which provides for a $420 million revolving secured credit facility maturing on the earlier of (i) November 3, 2027 and (ii) February 13, 2025, if, as of such date, the Company’s Liquidity (as defined in the revolving credit agreement) minus the aggregate principal amount of the 2025 Notes outstanding on such date is less than $1.25 billion. As of the date of this Quarterly Report on Form 10-Q, no amounts had been drawn under the credit facility.
Restructuring Activities
On November 3, 2022, the Company committed to a plan of termination which involved the termination of approximately 683 employees, representing 13% of the Company’s employees. In connection with the plan of termination, the Company estimates that it will incur approximately $27 million to $32 million of restructuring and related charges related to employee severance and benefits costs, which the Company expects to incur in the fourth quarter of 2022. As part of the restructuring charges for this plan of termination, in the fourth quarter of 2022 and first quarter of 2023, the Company expects to record a stock-based compensation charge and corresponding payroll tax expense related to equity compensation and restructuring charges related to the exit and sublease or cease use of certain facilities to align with the Company's anticipated operating needs. The Company cannot reasonably estimate these charges at this time.