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Restructuring and Exit Activity Costs | 9 Months Ended
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Sep. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Exit Activity Costs | (19) 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 in 2023 and 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; and •rationalizing the Company's geographic footprint through the exit of leased facilities; As of September 30, 2024, the Company has substantially completed its in-sourcing activities. Actions taken to reduce headcount commenced during the year ended December 31, 2023 and were substantially completed during the three months ended September 30, 2024. During the last quarter of our fiscal year ended December 31, 2023, the Company began identifying and evaluating opportunities to exit leased facilities as part of its efforts to rationalize its geographic footprint. Throughout the nine month period ended September 30, 2024, the Company (1) has partially or fully exited 15 leased facilities that were identified as part of the Company's plan and (2) has commenced active marketing efforts to sublease facilities that have been fully exited. The Company expects to have exited all facilities identified as part of its facilities rationalization plan by December 31, 2024. 2023 Restructuring Plan Costs, Cash Settlements and Recognized Liabilities We incurred $8,560 in severance and termination benefit costs related to headcount reductions between inception of our 2023 Restructuring Plan and the substantial completion of headcount reductions under the plan during the three months ended September 30, 2024, inclusive of $669 and $318 which has been recognized in our condensed consolidated statement of operations for the three and nine months ended September 30, 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. During the three months ended June 30, 2024, we recorded a reduction of approximately $1,000 from our severance accrual included in cost of sales as a result of the decision to continue to operate certain facilities during the second quarter. This reduction in severance costs was partially offset by incremental severance charges recorded in costs of sales during the three months ended September 30, 2024. We 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. However, since inception of our 2023 Restructuring Plan, with the exception of certain amounts paid to terminate certain leases early, our condensed 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. During the nine months ended September 30, 2024, we have paid $489 to terminate certain leases related to facilities identified as part of our facilities exit plan. In addition, during 2023, the Company recognized $628 of impairment charges related to certain fixed assets that were retired in connection with the Company’s restructuring activities. There have been no impairment charges recorded related to fixed assets during the three and nine months ended September 30, 2024 that relate specifically to decisions to exit facilities. The following table provides details regarding restructuring charges recorded and amounts that were settled with cash during the nine months ended September 30, 2024 and 2023, as well as our remaining accrued liability reported in our condensed consolidated balance sheet as of September 30, 2024 and 2023:
(in thousands) | September 30, 2024 |  | September 30, 2023
Balance at beginning of period | $ | 3,933 |  |  | $ | — |
Costs incurred during the period | 318 |  |  | 3,724 |
Amounts settled with cash | (2,909) |  |  | (2,693) |
Balance at the end of period | $ | 1,342 |  |  | $ | 1,031 |
The severance, termination benefits and other employee costs that have been incurred during the three and nine months ended September 30, 2024 and 2023 are reflected in our condensed consolidated statement of operations as follows:
| Three Months Ended |  | Nine Months Ended |
(in thousands) | September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023 |
Total cost of sales | $ | 469 |  |  | $ | — |  |  | $ | (523) |  |  | $ | — |  |
Selling, general and administrative | 8 |  | 706 |  |  | 456 |  |  | 3,724 |  |
Research and development | 192 |  | — |  |  | 385 |  |  | — |  |
Total | $ | 669 |  |  | $ | 706 |  |  | $ | 318 |  |  | $ | 3,724 |  |

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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 + Details
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