Restructuring

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

In 2022, the Company embarked on a restructuring program to improve execution and drive efficiency across the organization. This program is a framework for identifying, prioritizing and executing operational improvements. Restructuring charges incurred consist of severance and other employee costs, costs for optimizing the Company’s geographic presence (“Facility Footprint Optimization”), and consulting and other costs.

The following table summarizes the costs associated with the Company’s restructuring activities for the year ended December 31, 2023 (in thousands):



	Severance and Other Employee Costs		Facility Footprint Optimization		Consulting and Other Costs		Total
Balance as of December 31, 2022	$	559	$	—	$	960	$	1,519
Restructuring charges incurred	5,566		1,962		2,133		9,661
Impairment of facility-related assets	—		1,427		—		1,427

Cash payments and other adjustments(1)	(5,438)		(2,000)		(2,556)		(9,994)
Balance as of December 31, 2023	$	687	$	1,389	$	537	$	2,613
Current liabilities							$	2,613
Long-term liabilities							—
							$	2,613

(1) Other adjustments include non-cash asset charges related to Facility Footprint Optimization costs.

In the third quarter of 2023, in response to new incremental information including ongoing negotiations with counterparties, the Company revised its original restructuring plan, cost and timing of approved projects. As a result, the Company anticipates incurring further restructuring charges extending into 2024. The Company expects these charges will ultimately result in enhanced operational efficiencies as it continues to optimize its geographic presence.

Restructuring activities are ongoing and the Company expects to incur additional restructuring charges of approximately $6.3 million. The Company estimates these additional restructuring charges to be comprised of approximately $1.5 million in severance and other employee costs, $4.3 million of Facility Footprint Optimization costs, and $0.5 million of consulting and other costs.