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Restructuring Activity | 3 Months Ended
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Mar. 31, 2024
Restructuring and Related Activities [Abstract] |
Restructuring Activity | Restructuring Activity From time to time, the Company approves and implements restructuring plans as a result of internal resource alignment and cost saving measures. Such restructuring plans may include terminating employees, vacating certain leased facilities, and cancellation of contracts. During the year ended December 31, 2023, the Company entered into restructuring plans to reduce its workforce. In the year ended December 31, 2023, we incurred $19.8 million in restructuring costs primarily related to severance costs and related expenses. In the three months ended March 31, 2024, the Company completed notification to remaining affected employees of the reduction in workforce, and incurred $22.6 million in restructuring costs, or a cumulative total of $42.4 million. Restructuring costs in the three months ended March 31, 2024 included $19.9 million in severance costs and related expenses, substantially all of which pertained to statutory severance benefits in the jurisdictions in which the terminated employees were employed, and $2.7 million in non-cash charges related to exiting facilities and writing off of assets. Estimated restructuring costs remaining to be incurred for the restructuring plans pertain to write off of certain licenses and exiting of leased office space and are anticipated to occur in the remaining periods of 2024. The remaining restructuring costs are not expected to be material. The estimate of costs that we expect to incur, and the timing thereof, are subject to a number of assumptions and actual results may differ. We may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the restructuring plans. The following table presents the activity related to the restructuring plans, which is included in restructuring charges in the consolidated statements of operations:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
|  |  |  | (in thousands)
Employee separation expenses |  |  |  |  | $ | 19,938 |  |  | $ | 4,589 |
Lease related charges |  |  |  |  | 2,137 |  |  | 8 |
Other |  |  |  |  | 555 |  |  | 51 |
|  |  |  |  | $ | 22,630 |  |  | $ | 4,648 |
The following table presents a roll-forward of the Company’s restructuring liability for the three months ended March 31, 2024. The restructuring liability is included in accrued expenses and other current liabilities and other long-term liabilities in the consolidated balance sheets.
| Employee Separation Expenses |  | Lease Related Charges |  | Other |  | Total
| (in thousands)
Liability as of December 31, 2023 | $ | 7,383 |  |  | $ | (2) |  |  | $ | 920 |  |  | $ | 8,301 |
Restructuring charges | 19,938 |  |  | 2,137 |  |  | 555 |  |  | 22,630 |
Cash payments | (6,781) |  |  | (18) |  |  | (178) |  |  | (6,977) |
Non-cash charges and adjustments | (7) |  |  | (1,816) |  |  | (528) |  |  | (2,351) |
Liability as of March 31, 2024 | 20,533 |  |  | 301 |  |  | 769 |  |  | 21,603 |
Less: current portion as of March 31, 2024 | (20,533) |  |  | (301) |  |  | (769) |  |  | (21,603) |
Long-term portion as of March 31, 2024 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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- 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 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: 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 Reference 5: 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 + Details
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