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Restructuring
12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring

Note 7. Restructuring

 

In June 2023, pursuant to the Board of Directors’ approval, the Company began implementing a restructuring plan to pursue greater efficiency and to realign its business and strategic priorities. This included a facilities consolidation strategy to cease use of a part of its corporate office building under its operating lease (see Note 10, Commitments and Contingencies) and reduction in force of its employee base. Affected employees received severance consideration and continuation of benefits, as well as transition assistance. During the twelve months ended December 31, 2023, the Company recognized $3.7 million of restructuring charges related to severance cost and facilities consolidation. The Company has substantially implemented the restructuring plan in 2023. The following is a summary of the Company’s accrued restructuring costs for one-time termination benefits, recorded within “Accrued liabilities” on the Company's consolidated balance sheets (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at

 

 

Restructuring

 

 

 

 

 

Balance at

 

 

 

December 31, 2022

 

 

Charge

 

 

Cash Payments

 

 

December 31, 2023

 

One-time termination benefits

 

$

 

 

$

1,673

 

 

$

(1,589

)

 

$

84

 

Other

 

 

 

 

 

372

 

 

 

(134

)

 

 

238

 

Total

 

$

 

 

$

2,045

 

 

$

(1,723

)

 

$

322