XML 20 R14.htm IDEA: XBRL DOCUMENT
v3.24.3

Restructuring Plan | 9 Months Ended
--- | ---
Sep. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring Plan | 5. Restructuring Plan In July 2023, the Board of Directors authorized the Company's management team to undertake restructuring activities to simplify and streamline our organization and strengthen the overall effectiveness of our operations. Since the initial streamlining and re-balancing efforts contemplated in July, the Company continues to undertake further restructuring activities (collectively, the “2023 Restructuring Plan”) which has included consolidating a portion of our manufacturing operations between certain U.S. locations, discontinuing the sale of certain product SKUs, and evaluating the fair value of finished goods and raw materials, mostly secured during the 2020-2022 COVID-19 pandemic period (the “COVID-19 Period”) to meet increasing demand during a challenging supply chain environment in the industry. The Company recorded pre-tax restructuring activity of $2.9 million and $5.3 million, respectively, for the three and nine months ended September 30, 2024, and $24.0 million for the three and nine months ended September 30, 2023, related to the 2023 Restructuring Plan, which the Company expects to complete during the fourth quarter of 2024. The following tables summarize the charges related to restructuring activities by type of cost for the periods presented on the Company’s condensed consolidated statements of comprehensive income (loss):
|  | Three Months Ended September 30, 2024 |
|  | Severance and Employee-Related Costs |  |  | Facility and Other Exit Costs |  |  | Total |
|  | (Amounts in thousands) |
Cost of goods sold |  | $ | 23 |  |  | $ | 1,461 |  |  | $ | 1,484 |
Selling, general and administrative |  |  | 631 |  |  |  | 1,037 |  |  |  | 1,668 |
Other (income) expenses |  |  | — |  |  |  | (234 | ) |  |  | (234 | )
|  | $ | 654 |  |  | $ | 2,264 |  |  | $ | 2,918 |
|  | Nine Months Ended September 30, 2024 |
|  | Severance and Employee-Related Costs |  |  | Accelerated Depreciation |  |  | Facility and Other Exit Costs |  |  | Total |
|  | (Amounts in thousands) |
Cost of goods sold |  | $ | 876 |  |  | $ | 19 |  |  | $ | 1,661 |  |  | $ | 2,556 |
Research and development |  |  | 449 |  |  |  | — |  |  |  | — |  |  |  | 449 |
Selling, general and administrative |  |  | 1,486 |  |  |  | — |  |  |  | 1,054 |  |  |  | 2,540 |
Other (income) expenses |  |  | — |  |  |  | — |  |  |  | (234 | ) |  |  | (234 | )
|  | $ | 2,811 |  |  | $ | 19 |  |  | $ | 2,481 |  |  | $ | 5,311 |
|  | Three and Nine Months Ended September 30, 2023 |
|  | Severance and Employee-Related Costs |  |  | Inventory Write-Off |  |  | Accelerated Depreciation |  |  | Facility and Other Exit Costs |  |  | Total |
|  | (Amounts in thousands) |
Cost of goods sold |  | $ | 1,654 |  |  | $ | 17,185 |  |  | $ | 3,788 |  |  | $ | 84 |  |  | $ | 22,711 |
Research and development |  |  | 34 |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 35 |
Selling, general and administrative |  |  | 1,142 |  |  |  | — |  |  |  | 27 |  |  |  | 97 |  |  |  | 1,266 |
|  | $ | 2,830 |  |  | $ | 17,185 |  |  | $ | 3,816 |  |  | $ | 181 |  |  | $ | 24,012 |
Severance and employee-related costs under the Restructuring Plan are primarily associated with actual headcount reductions. Costs incurred include cash severance and non-cash severance, including other termination benefits. Severance and other termination benefit packages are based on established benefit arrangements or local statutory requirements and we recognized the contractual component of these benefits when payment was probable and could be reasonably estimated. The inventory write-off in 2023 includes the impact of the Company discontinuing the sale of certain product SKUs and the impact of having proactively secured materials during the COVID-19 Period to meet accelerated demand during a challenging supply chain environment in the industry. Where demand has reduced, finished goods and raw materials, the value of which exceeded the projected requirements to be used before reaching their expiration date, were written down to their realizable value. The 2023 Restructuring Plan also includes the closing of manufacturing facilities and production lines, which include inventory that could not be re-purposed. Non-cash charges for accelerated depreciation were recognized on long-lived assets that were taken out of service before the end of their normal service due to the shutdown of manufacturing facilities and production lines, in which case depreciation estimates were revised to reflect the use of the assets over their shortened useful life. The restructuring accrual is included in accrued liabilities in the condensed consolidated balance sheet as of September 30, 2024. Activity related to the Restructuring Plan for the nine months ended September 30, 2024 was as follows (amounts in thousands):
|  | Restructuring Liability December 31, 2023 |  |  | Restructuring Costs |  |  | Amounts Paid in 2024 |  |  | Noncash Restructuring Items |  |  | Restructuring Liability September 30, 2024 |
Severance & employee-related costs |  | $ | 464 |  |  | $ | 2,811 |  |  | $ | (3,030 | ) |  | $ | (49 | ) |  | $ | 196 |
Accelerated depreciation |  |  | — |  |  |  | 19 |  |  |  | — |  |  |  | (19 | ) |  |  | — |
Facility and other exit costs |  |  | — |  |  |  | 2,481 |  |  |  | (2,715 | ) |  |  | 234 |  |  |  | — |
Total |  | $ | 464 |  |  | $ | 5,311 |  |  | $ | (5,745 | ) |  | $ | 166 |  |  | $ | 196 |

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References Reference 1: 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 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: 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 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration