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Restructuring, Impairment and Costs of Terminated Program, and Impairment of Goodwill (Tables) | 6 Months Ended
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Jun. 30, 2023
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring, Impairment and Other Costs of Terminated Program | Restructuring, impairment and other costs of terminated program pertaining to the 2022 Restructuring Plan includes the following (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Clinical trial expense, other third-party and employee costs for the wind down of the bempegaldesleukin program |  | $ | 1,356 |  |  | $ | 20,408 |  |  | $ | 2,954 |  |  | $ | 20,408 |
Severance and benefits expense |  | — |  |  | 27,750 |  |  | — |  |  | 27,750 |
Impairment of right-of-use assets and property, plant and equipment |  | 13,255 |  |  | 57,321 |  |  | 13,255 |  |  | 57,321 |
Contract termination and other restructuring costs |  | — |  |  | 566 |  |  | 878 |  |  | 2,041 |
Restructuring, impairment and costs of terminated program |  | $ | 14,611 |  |  | $ | 106,045 |  |  | $ | 17,087 |  |  | $ | 107,520 |
Restructuring, impairment and other costs of terminated program pertaining to the 2023 Restructuring Plan includes the following (in thousands):
|  | Three Months Ended June 30, 2023 |  | Six Months Ended June 30, 2023
Severance and benefit expense |  | $ | 1,943 |  |  | $ | 7,426 |
Impairment of right-of-use assets and property, plant and equipment |  | — |  |  | 13,200 |
Contract termination and other restructuring costs |  | — |  |  | 34 |
Restructuring, impairment and costs of terminated program |  | $ | 1,943 |  |  | $ | 20,660 |
The following table provides details regarding the severance and benefit expense for the three and six months ended June 30, 2023 pursuant to the 2023 Restructuring Plan and a reconciliation of the severance and benefits liability for the three and six months ended June 30, 2023 pursuant to the 2022 and 2023 Restructuring Plans, which we report within accrued expenses on our Condensed Consolidated Balance Sheet (in thousands):
|  | Six Months Ended June 30, 2023
|  | 2023 Restructuring Plan |  | 2022 Restructuring Plan |  | Total
Liability balance as of December 31, 2022 |  | $ | — |  |  | $ | 3,299 |  |  | $ | 3,299 |
Expense recognized during the period |  | 5,483 |  |  | — |  |  | 5,483 |
Payments during the period |  | — |  |  | (3,299) |  |  | (3,299) |
Liability balance as of March 31, 2023 |  | $ | 5,483 |  |  | $ | — |  |  | $ | 5,483 |
Expense recognized during the period |  | 1,943 |  |  | — |  |  | 1,943 |
Payments during the period |  | (6,624) |  |  | — |  |  | (6,624) |
Liability balance as of June 30, 2023 |  | $ | 802 |  |  | $ | — |  |  | $ | 802 |
Additionally, we recorded an impairment expense primarily for software which we planned to abandon and certain excess equipment based on the estimated income from selling such assets. We recorded impairment charges as follows (in thousands):
| Three and Six months ended June 30, 2022
| Property, Plant and Equipment |  | Operating Lease Right-of-Use Assets |  | Total
Net book value of impaired facilities before write-off | $ | 16,348 |  |  | $ | 70,920 |  |  | $ | 87,268 |
Less: Fair value of impaired facilities — Level 3 of Fair Value Hierarchy | (6,976) |  |  | (28,091) |  |  | (35,067) |
Impairment expense for facilities | 9,372 |  |  | 42,829 |  |  | 52,201 |
Impairment of other property, plant and equipment | 5,120 |  |  | — |  |  | 5,120 |
Total impairment of right-of-use assets and property, plant and equipment | $ | 14,492 |  |  | $ | 42,829 |  |  | $ | 57,321 |
The following table presents a reconciliation of the non-cash impairment charges we recorded for these long-lived assets for the three and six months ended June 30, 2023 (in thousands):
| Three Months Ended June 30, 2023
| Property, Plant and Equipment |  | Operating Lease Right-of-Use Assets |  | Total
Net book value of impaired facilities before write-off | $ | 2,092 |  |  | $ | 16,392 |  |  | $ | 18,484 |
Less: Fair value of impaired facilities — Level 3 of Fair Value Hierarchy | (529) |  |  | (4,700) |  |  | (5,229) |
Total impairment of right-of-use assets and property, plant and equipment | 1,563 |  |  | 11,692 |  |  | 13,255 |
| Six Months Ended June 30, 2023
| Property, Plant and Equipment |  | Operating Lease Right-of-Use Assets |  | Total
Net book value of impaired facilities before write-off | $ | 7,206 |  |  | $ | 44,826 |  |  | $ | 52,032 |
Less: Fair value of impaired facilities — Level 3 of Fair Value Hierarchy | (3,843) |  |  | (23,434) |  |  | (27,277) |
Impairment expense for facilities | 3,363 |  |  | 21,392 |  |  | 24,755 |
Impairment of other property, plant and equipment | 1,700 |  |  | — |  |  | 1,700 |
Total impairment of right-of-use assets and property, plant and equipment | $ | 5,063 |  |  | $ | 21,392 |  |  | $ | 26,455 |

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