Quarterly report pursuant to Section 13 or 15(d)

RESTRUCTURING ACTIVITIES

v3.23.3
RESTRUCTURING ACTIVITIES
 9 Months Ended
Sep. 30, 2023
Restructuring and Related Activities [Abstract]  
RESTRUCTURING ACTIVITIES

 

4. RESTRUCTURING ACTIVITIES

 

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 were completed by the end of the third 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 nine-month periods ended September 30, 2023.

 

                               
    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2023     2022     2023     2022  
Severance costs   $ -     $ 927     $ 2,572     $ 927  
Other     -       17       711       17  
Total restructuring costs   $ -     $ 944     $ 3,283     $ 944  

 

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

 

       
    September 30,
2023		  
Balance, December 31, 2022   $ 231  
Current period charges     3,283  
Payments     (2,027 )
Balance, September 30, 2023   $ 1,487