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RESTRUCTURING AND ASSET IMPAIRMENT CHARGES
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND ASSET IMPAIRMENT CHARGES RESTRUCTURING AND ASSET IMPAIRMENT CHARGES
Restructuring and asset impairment charges consist of the following:
Years Ended December 31,
20242023
(In thousands)
Employee severance and benefits $6,380 $2,155 
Contract termination charges1,991 3,700 
Asset impairment4,783 9,829 
Total restructuring and asset impairment charges$13,154 $15,684 
2022 Restructuring
During the year ended December 31, 2022, the Company implemented restructuring actions to reorganize the global workforce, consolidate facilities and eliminate non-core projects, which was completed in the second quarter of 2023. The Company incurred restructuring costs of $2.4 million and $0.8 million in the years ended December 31, 2022 and 2023, respectively.
2023 Restructuring Plan
In the fourth quarter of 2023, the Company implemented a restructuring plan (the “2023 Restructuring Plan”) designed to increase operational efficiencies and execution, reduce operating costs, and better align the Company’s workforce and cost structure with current market conditions, and the Company’s business needs, strategic priorities and ongoing commitment to profitable growth. The Company completed its restructuring activities under the 2023 Restructuring Plan in the fourth quarter of 2024.
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,
20242023
(In thousands)
Employee severance and benefits $1,219 $1,374 
Contract termination charges1,225 3,700 
Asset impairment881 9,829 
Total restructuring and asset impairment charges$3,325 $14,903 
The following table provides information regarding changes in the Company’s accrued restructuring balances under the 2023 Restructuring Plan for the periods indicated:
Employee Severance and BenefitsContract Termination Charges Asset ImpairmentTotal
(In thousands)
Balance as of December 31, 2022$— $— $— $— 
Charges1,374 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 
Charges1,219 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 
2024 Restructuring Plan
In the fourth quarter of 2024, the Company implemented a restructuring plan (the “2024 Restructuring Plan”) designed to better align its workforce and cost structure with the Company’s business needs, strategic priorities and ongoing commitment to profitable growth, while increasing operational efficiencies and reducing operating cost. The Company plans to complete its restructuring activities under the 2024 Restructuring Plan by June 30, 2025.
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 charges766 
Asset impairment3,902 
Total restructuring and asset impairment charges$9,829 
The following table provides information regarding changes in the Company’s accrued restructuring balances under the 2024 Restructuring Plan for the periods indicated:
Employee Severance and BenefitsContract Termination Charges Asset ImpairmentTotal
(In thousands)
Balance as of December 31, 2023$— $— $— $— 
Charges5,161 766 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