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RESTRUCTURING AND ASSET IMPAIRMENT CHARGES (Tables) | 12 Months Ended
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Dec. 31, 2024
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring and Related Costs | Restructuring and asset impairment charges consist of the following:
|  |  |  | Years Ended December 31,
|  |  |  |  |  | 2024 |  | 2023 |  |
|  |  |  |  |  | (In thousands) |  |
Employee severance and benefits |  |  |  |  |  | $ | 6,380 |  |  | $ | 2,155 |  |  |
Contract termination charges |  |  |  |  |  | 1,991 |  |  | 3,700 |  |  |
Asset impairment |  |  |  |  |  | 4,783 |  |  | 9,829 |  |  |
Total restructuring and asset impairment charges |  |  |  |  |  | $ | 13,154 |  |  | $ | 15,684 |  |  |
The following table presents the details of the Company’s restructuring and asset impairment charges under the 2023 Restructuring Plan for the years ended December 31, 2024 and 2023:
|  |  |  | Years Ended December 31,
|  |  |  |  |  | 2024 |  | 2023 |  |
|  |  |  |  |  | (In thousands) |  |
Employee severance and benefits |  |  |  |  |  | $ | 1,219 |  |  | $ | 1,374 |  |  |
Contract termination charges |  |  |  |  |  | 1,225 |  |  | 3,700 |  |  |
Asset impairment |  |  |  |  |  | 881 |  |  | 9,829 |  |  |
Total restructuring and asset impairment charges |  |  |  |  |  | $ | 3,325 |  |  | $ | 14,903 |  |  |
The following table provides information regarding changes in the Company’s accrued restructuring balances under the 2023 Restructuring Plan for the periods indicated:
| Employee Severance and Benefits |  | Contract Termination Charges |  | Asset Impairment |  | Total
| (In thousands)
Balance as of December 31, 2022 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Charges | 1,374 |  |  | 3,700 |  |  | 9,829 |  |  | 14,903 |
Cash payments | (70) |  |  | (1,900) |  |  | — |  |  | (1,970) |
Non-cash settlement and other | — |  |  | — |  |  | (9,829) |  |  | (9,829) |
Balance as of December 31, 2023 | $ | 1,304 |  |  | $ | 1,800 |  |  | $ | — |  |  | $ | 3,104 |
Charges | 1,219 |  |  | 1,225 |  |  | 881 |  |  | 3,325 |
Cash payments | (1,955) |  |  | (2,132) |  |  | — |  |  | (4,087) |
Non-cash settlement and other | (292) |  |  | (893) |  |  | (881) |  |  | (2,066) |
Balance as of December 31, 2024 | $ | 276 |  |  | $ | — |  |  | $ | — |  |  | $ | 276 |
The following table presents the details of the Company’s restructuring and asset impairment charges under the 2024 Restructuring Plan for the year ended December 31, 2024:
|  |  |  | Year Ended December 31,
|  |  |  |  |  | 2024 |  |  |  |
|  |  |  |  |  | (In thousands) |  |
Employee severance and benefits |  |  |  |  |  | $ | 5,161 |  |  |  |  |
Contract termination charges |  |  |  |  |  | 766 |  |  |  |  |
Asset impairment |  |  |  |  |  | 3,902 |  |  |  |  |
Total restructuring and asset impairment charges |  |  |  |  |  | $ | 9,829 |  |  |  |  |
The following table provides information regarding changes in the Company’s accrued restructuring balances under the 2024 Restructuring Plan for the periods indicated:
| Employee Severance and Benefits |  | Contract Termination Charges |  | Asset Impairment |  | Total
| (In thousands)
Balance as of December 31, 2023 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Charges | 5,161 |  |  | 766 |  |  | 3,902 |  |  | 9,829 |
Cash payments | (2,941) |  |  | — |  |  | — |  |  | (2,941) |
Non-cash settlement and other | — |  |  | — |  |  | (3,902) |  |  | (3,902) |
Balance as of December 31, 2024 | $ | 2,220 |  |  | $ | 766 |  |  | $ | — |  |  | $ | 2,986 |

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- Definition Tabular 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.P.3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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