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Restructuring

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring

In response to the COVID-19 pandemic, the Company went through a re-evaluation of its real estate needs. In connection with this re-evaluation, and the success the Company has had working remotely, it was decided in July 2020 that the Company would significantly reduce the real estate space it leases. This decision resulted in the significant reduction of the real estate space the Company leases and the removal of the associated right of use assets. Furthermore, this resulted in various one-time expenses in connection with the abandonment of the majority of the Company’s leased facilities. The lease restructuring costs noted below are a result of this transition to an employee-centric model.

On top of the lease restructuring costs, the Company went through a further restructuring related to costs associated with re-prioritizing and reallocating resources to focus on areas believed by management to show high growth potential.

The expenses associated with these restructuring events were approximately $0.5 million during the three months ended June 30, 2021 and $3.2 million during each of the six month periods ended June 30, 2021 and 2020. There were no expenses associated with this restructuring during the three months ended June 30, 2020. The Company expects to incur additional restructuring costs through December 31, 2021. The restructuring liability was approximately $2.2 million and $4.7 million as of June 30, 2021 and December 31, 2020, respectively. It is classified as accrued expenses and other current liabilities on the condensed consolidated balance sheets, as the liability is expected to be settled in the next 12 months.

The following table presents the detail of the liability for the Company’s restructuring charges for the periods presented:

			June 30, 2021						December 31, 2020
			(In thousands)
Balance, beginning of the year			$	4,732					$	314
Lease restructuring costs			550						5,034
Severance and other compensation associated costs			2,675						5,090
Cash payments			(5,785)						(5,706)
Balance, end of period			$	2,172					$	4,732

The following table presents the detail of expenses for the Company’s restructuring charges for the periods presented:

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2021						2020						2021						2020
			(In thousands)
Lease restructuring costs:
Right of use assets write down			$	—					$	—					$	—					$	—
Abandonment of property and equipment			—						—						—						—
Other lease restructuring costs			256						—						550						—
Total lease restructuring costs			$	256					$	—					$	550					$	—
Severance and other compensation associated costs			$	237					$	—					$	2,675					$	3,193
Total restructuring costs			$	493					$	—					$	3,225					$	3,193

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- References

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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