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ACCRUED LIABILITIES | 6 Months Ended
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Jun. 30, 2024
ACCRUED LIABILITIES |
ACCRUED LIABILITIES | 9. ACCRUED LIABILITIES Accrued liabilities consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2024 |  | 2023
Compensation and fringe benefits | ​ | $ | 11,714 | ​ | $ | 17,251
Accrued business acquisition consideration | ​ |  | — | ​ |  | 12,638
Warranty reserve | ​ |  | 1,966 | ​ |  | 2,139
Income taxes payable | ​ | ​ | 396 | ​ | ​ | 2,483
Operating lease liabilities – current | ​ | ​ | 5,026 | ​ | ​ | 5,142
Finance lease obligations – current | ​ | ​ | 429 | ​ | ​ | 412
Contract liabilities | ​ | ​ | 2,467 | ​ | ​ | 2,137
Contingent consideration – current | ​ | ​ | 270 | ​ | ​ | 7,720
Restructuring related accruals | ​ | ​ | 1,437 | ​ | ​ | —
Other accrued expenses | ​ |  | 7,420 | ​ |  | 6,566
​ | ​ | $ | 31,125 | ​ | $ | 56,488
​ In June 2024, the Company began the first phase of the Simplify to Accelerate NOW plan. This phase included initiatives to realign the Company’s manufacturing footprint and streamline the organization to enhance operational efficiency and drive profitability. The expected annual savings from the first phase are approximately $5.0 million and are expected to begin being realized in the second half of 2024. The restructuring related accruals as of June 30, 2024 are expected to be substantially paid out by the end of 2024 and primarily relate to employee severance related expenses. Restructuring and business realignment costs of $1.5 million are included within business development in the condensed consolidated statement of income and comprehensive (loss) income for the three and six months ended June 30, 2024, and the amounts paid in cash by June 30, 2024 are not material.

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