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RESTRUCTURING AND ASSET IMPAIRMENT CHARGES
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND ASSET IMPAIRMENT CHARGES RESTRUCTURING AND ASSET IMPAIRMENT CHARGES
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 three months ended March 31, 2025:
Three Months Ended
March 31,
2025
(In thousands)
Employee severance and benefits $3,371 
Contract termination charges(236)
Asset impairment27 
Total restructuring and asset impairment charges$3,162 
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, 2024$2,220 $766 $— $2,986 
Charges3,371 (236)27 3,162 
Cash payments and receipts, net(2,634)(1)— (2,635)
Non-cash settlement and other(509)— (27)(536)
Balance as of March 31, 2025$2,448 $529 $— $2,977 
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 and substantially all of the remaining liabilities as of December 31, 2024, were settled during the three months ended March 31, 2025.