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Restructuring costs

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring costs

Restructuring costs

2023 Organizational Restructuring Plan

In January 2023, the Company initiated an organizational restructuring plan (the “2023 Plan”) intended to reduce operating costs, improve operating margins, and continue advancing the Company’s ongoing commitment to profitable growth. As part of the 2023 Plan, the Company eliminated approximately five percent of its total headcount. The Company incurred approximately $9.7 million in charges in connection with the 2023 Plan during the three months ended March 31, 2023. These charges consist primarily of charges related to employee transition, severance payments and employee benefits. All activities related to the 2023 Plan were substantially completed during the first quarter of 2023. Restructuring costs are recognized as an operating expense within the Condensed Consolidated Statement of Operations and are classified based on the Company's classification policy for each category of operating expense.

The following table presents the total restructuring costs associated with the Company’s segments as well as unallocated corporate and research and development ("R&D") charges for the three months ended March 31, 2023:

									Three Months Ended March 31, 2023
Products									$	2.0
Services									—
Total restructuring costs by segment									2.0
Corporate									5.0
R&D									2.7
Total restructuring costs									$	9.7

The following table presents the total restructuring costs, by function, for the three months ended March 31, 2023:

									Three Months Ended March 31, 2023
Employee transition									$	0.3
Severance payments									8.7
Employee benefits									0.7
Total restructuring costs									$	9.7

The following table provides the components of and changes in the Company's restructuring accrual during the three months ended March 31, 2023:

			Employee Transition						Severance Payments						Employee Benefits						Total
Balance at December 31, 2022			$	—					$	—					$	—					$	—
Accruals			0.3						8.7						0.7						9.7
Cash payments			(0.2)						(2.0)						(0.1)						(2.3)
Balance at March 31, 2023			$	0.1					$	6.7					$	0.6					$	7.4

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- References

No definition available.

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(e))
-URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI https://asc.fasb.org/topic&trid=2175745

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

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