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Restructuring

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

In 2022, the Company embarked on a restructuring program to improve execution and drive efficiency across the organization. This program is a framework for identifying, prioritizing and executing operational improvements. Restructuring charges incurred consist of severance and other employee costs, costs for optimizing the Company’s geographic presence (“Facility Footprint Optimization”), and consulting and other costs.

The following table summarizes the changes in the Company’s accrued restructuring balance (in thousands):

						Severance and Other Employee Costs						Facility Footprint Optimization						Consulting and Other Costs						Total
Balance as of December 31, 2023						$	687					$	1,389					$	537					$	2,613
Restructuring charges incurred						697						964						747						2,408
Impairment/(gain on sale) of facility related assets						—						(10)						—						(10)
Cash payments and other adjustments(1)						$	(771)					$	(1,796)					$	(1,125)					$	(3,692)
Balance as of March 31, 2024						$	613					$	547					$	159					$	1,319
Restructuring charges incurred						703						650						111						1,464
Impairment/(gain on sale) of facility related assets						—						80						—						80
Cash payments and other adjustments(1)						$	(575)					$	(957)					$	(116)					$	(1,648)
Balance as of June 30, 2024						$	741					$	320					$	154					$	1,215
Restructuring charges incurred						85						953						(20)						1,018
Impairment/(gain on sale) of facility related assets						—						(9)						—						(9)
Cash payments and other adjustments(1)						(729)						(762)						(63)						(1,554)
Balance as of September 30, 2024						$	97					$	502					$	71					$	670
Current liabilities																								$	670
Long-term liabilities																								—
																								$	670

(1) Other adjustments include non-cash asset charges related to Facility Footprint Optimization costs.

The Company continued this restructuring program in 2024 and expects to incur additional restructuring charges of approximately $0.6 million. The Company estimates these additional restructuring charges to be comprised of approximately $0.5 million of Facility Footprint Optimization costs, and $0.1 million of consulting and other costs. The estimated additional restructuring charges for severance and other employee costs are immaterial. Our restructuring activities are expected to be complete by December 31, 2024.

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- References

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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 S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4.e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2

Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/420/tableOfContent

Reference 5: 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

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