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Restructuring and Exit Activity Costs | 3 Months Ended
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Mar. 31, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Exit Activity Costs | (18) Restructuring and Exit Activity Costs Restructuring Plan Objectives and Status of Execution In 2023, the Company commenced a multi-faceted restructuring plan (the “2023 Restructuring Plan”) to improve operating efficiencies throughout the organization and drive long-term value creation. The key initiatives of the plan, some of which are ongoing, were announced throughout 2023 and have included: •improving manufacturing efficiencies related to the Company’s European metal printer operations by (1) in-sourcing certain metal printer platforms into the Company’s Riom, France manufacturing facility and (2) co-locating the engineering and manufacturing of in-sourced metal printer products in order to improve cycle time from development to production; •reducing headcount throughout all functions and areas of the organization; •rationalizing the Company's geographic footprint through the exit of leased facilities; and •reducing certain third-party costs. As of March 31, 2024, the Company has substantially completed its in-sourcing activities. Actions taken to reduce headcount commenced during the year ended December 31, 2023, continued throughout the quarter ended March 31, 2024, and are expected to be substantially completed during the quarter ended June 30, 2024. Beginning during our fourth quarter ended December 31, 2023, and continuing throughout the quarter ended March 31, 2024, the Company (1) has been identifying and evaluating its opportunities to exit leased facilities, (2) has been both developing and starting to execute against its relocation plans, and (3) has begun to market facilities that have been successfully exited for sublease. The decision-making, planning and execution related to our planned facility exits will continue throughout 2024. 2023 Restructuring Plan Costs, Cash Settlements and Recognized Liabilities Since inception of the 2023 Restructuring Plan, we have incurred $8,293 related to headcount reductions, inclusive of $51 which has been recognized in our consolidated statement of operations for the three months ended March 31, 2024. These charges relate to employee severance and termination benefit costs that are generally recognized when probable and estimable because they are typically being determined consistent with the Company’s past practices or statutory law. We currently expect aggregate costs related to our headcount reduction activities to be in the range of $9,000 to $10,000 when this initiative is completed. We expect to incur additional cash expenditures related to our planned facility exits and relocation activities, which will be recognized as incurred. We also may incur non-cash impairment charges as a result of exiting leased facilities if the carrying values of the related right-of-use asset balances and other related asset balances (e.g., leasehold improvements) will not be fully recoverable through our efforts to sublease an exited facility. Since inception of our 2023 Restructuring Plan, our consolidated financial statements have not reflected material transactions or charges resulting from decisions to exit facilities because either (1) the Company has not ceased use of a facility that it plans to exit or (2) an individual facility (and any related assets, as applicable) do not yet qualify to be measured for impairment separate from the asset group to which it has historically belonged, which would generally occur when we have entered into a sublease. The following table provides details regarding restructuring charges recorded and amounts that were settled with cash during the three months ended March 31, 2024, as well as our remaining accrued liability reported in our consolidated balance sheet as of March 31, 2024:
(in thousands) |  | Accrued liability as of December 31, 2023 |  | Costs incurred during 2024 |  |  |  | Amounts settled with cash |  | Accrued liability as of March 31, 2024
Severance, termination benefits and other employee costs |  | $ | 3,933 |  |  | $ | 51 |  |  |  |  | $ | 1,147 |  |  | $ | 2,837 |
The severance, termination benefits and other employee costs that have been incurred during the three months ended March 31, 2024 are reflected in our consolidated statement of operations as follows:
(in thousands) |  | Three Months Ended March 31, 2024 |
Total cost of sales |  | $ | 33 |  |
Selling, general and administrative |  | 18 |  |
Total |  | $ | 51 |  |
Similar charges were not incurred during the three months ended March 31, 2023, as our headcount reduction efforts had not yet commenced.

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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 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: 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 Reference 5: 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 + Details
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