During second quarter 2021, the Company began the process of a strategic review and undertook certain actions in order to increase focus on core technologies and markets.

On June 10, 2021, the Company announced that, as a result of a strategic review of its research and innovation priorities, it commenced the process of a collective economic layoff in which it proposed a reduction in force of its research and innovation unit. All notices of termination have been issued to the impacted employees. This action resulted in a reduction of employees under the benefit plans, and as a result the Company recognized a $2.3 million curtailment gain during 2021. This curtailment gain was included within "Other income (expense), net" in the consolidated statement of income.

During June 2021, Chordant began the process of ceasing operations. The Company implemented a reduction in workforce action in second quarter 2021.

Additionally, in June 2021, a non-controlled subsidiary that we consolidate for financial statement purposes approved a plan to sell certain patents. The proceeds from the sale of these patents contributed to funding Convida's operations. These assets were evaluated as a separate asset group and reclassified as assets held for sale. Upon the reclassification, the patents to be sold are recorded at fair value, which resulted in the Company recognizing a $13.2 million impairment in 2021. We determined the fair value based upon evaluation of market conditions.

In October 2021, we expanded our restructuring efforts to include general and administrative functions largely centered in the U.S., which resulted in a further reduction in force as well as cuts to our non-labor expenses. These employees were provided notification of termination during fourth quarter 2021.

As part of the Company’s ongoing evaluation of its flexible work policy and the impact of returning to the office, the Company evaluated its current office space footprint and its expected needs going forward. As the result of this evaluation, during 2022, we recognized a $2.4 million impairment, comprised of $0.4 million of property and equipment and $2.0 million of right of use assets, related to the abandonment of portions of three of our leased properties, which was included within “Restructuring activities” in the consolidated statement of income.

The restructuring charges associated with the above activities totaling $3.3 million and $27.9 million in 2022 and 2021, respectively, are presented net of any reimbursement arrangements and include $0.5 million and $1.7 million, respectively, of outside services and other associated costs related to non-recurring consultant and legal fees.

During 2023, we did not recognize any restructuring expenses and the Company considers the plan to be complete. We do not anticipate further restructuring charges.

As of December 31, 2023 and 2022, the Company's restructuring liability was $0.1 million and $4.5 million and was included in "Other accrued expenses" on our consolidated balance sheet. The following table presents the change in our restructuring liability during the period (in thousands):


Balance as of December 31, 2021	$	18,281
Accrual	852
Cash payments	(13,761)
Other	(877)
Balance as of December 31, 2022	4,495
Accrual	—
Cash payments	(4,475)
Other	112
Balance as of December 31, 2023	$	132

The restructuring expenses included in "Restructuring activities" in the consolidated statements of income for the years ending December 31, 2023, 2022, and 2021 were as follows (in thousands):


	For the Year Ended December 31,
	2023		2022		2021
Asset impairment	$	—	$	2,427	$	13,228
Severance and other benefits	—		305		22,616
Outside services and other associated costs	—		548		1,671
Reimbursement arrangements	—		—		(9,638)
Total	$	—	$	3,280	$	27,877