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Restructuring and Related Charges (Tables) | 9 Months Ended
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Sep. 30, 2024
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring Liabilities | The following table summarizes the change in the Company’s restructuring and other related liabilities for the nine months ended September 30, 2024 (in thousands):
|  | Severance and other employee- related benefits(1) |  |  | Facility Costs |  |  | Other(2) |  |  | Total |
Balance at December 31, 2023 |  | $ | 825 |  |  | $ | — |  |  | $ | — |  |  | $ | 825 |
Restructuring and related charges |  |  | 9,522 |  |  |  | 2,108 |  |  |  | 744 |  |  |  | 12,374 |
Cash payments |  |  | (7,806 | ) |  |  | (2,108 | ) |  |  | (744 | ) |  |  | (10,658 | )
Balance at September 30, 2024 |  | $ | 2,541 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,541 |
(1) Restructuring liabilities are recorded in accrued liabilities on the condensed consolidated balance sheets. Substantially all severance and other employee-related benefits related to ongoing benefit arrangements and were recorded pursuant to ASC 712. (2) Other restructuring liabilities are comprised mainly of sublease commissions and are recorded in other accrued liabilities on the condensed consolidated balance sheets. The Company’s restructuring and related charges by segment and corporate were as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Restructuring: |  |  |  |  |  |  |  |  |  |  |  |
Proteomics |  | $ | — |  |  | $ | 213 |  |  | $ | — |  |  | $ | 691 |
Genomics |  |  | — |  |  |  | 70 |  |  |  | — |  |  |  | 629 |
Corporate expenses |  |  | 2,341 |  |  |  | 1,715 |  |  |  | 12,374 |  |  |  | 4,095 |
Total restructuring and related charges |  | $ | 2,341 |  |  | $ | 1,998 |  |  | $ | 12,374 |  |  | $ | 5,415 |

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- Definition Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.b.2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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