In the second quarter of 2023, as part of a strategic review of our operations, the Company implemented a cost reduction and restructuring program (the “2023 Restructuring Program”). The 2023 Restructuring Program was primarily comprised of entering into severance and termination agreements with employees. Formal announcements to the relevant employees were made in May, June and July 2023 and activities will be ongoing throughout the third and fourth quarter of 2023. The payments related to severance costs should be completed by March 31, 2024 and the payments related to the building costs should be completed by December 31, 2024.

Restructuring costs are presented separately on the consolidated statements of operations.

The following table presents the restructuring costs recognized by the Company under the 2023 Restructuring Program during the three and six-month periods ended June 30, 2023. The Company did not incur any costs for restructuring during the six months ended June 30, 2022.

The following table represents the restructuring liabilities, which are presented within other accrued expenses in the consolidated balance sheet:

The Company also recorded an inventory impairment charge of $7.2 million in the three months ended June 30, 2023 which is included in cost of revenues in the consolidated statement of operations. A charge of $5.3 million relates to certain product initiatives that were eliminated or reduced as a result of the headcount reductions in the 2023 Restructuring Program and $1.9 million relates to an accrual for inventory on order for these eliminated or reduced product initiatives.