Quarterly report pursuant to Section 13 or 15(d)
|3 Months Ended|
Mar. 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. There were no such charges for the three months ended March 31, 2022.
The following table summarizes the changes in the Company’s accrued restructuring balance (in thousands):
(1) Other adjustments include non-cash asset charges related to Facility Footprint Optimization costs.The Company will continue this restructuring program in 2023 and expects to incur additional restructuring charges of approximately $3.0 million. The Company estimates these additional restructuring charges to be comprised of approximately $1.0 million in severance and other employee costs, $1.0 million of Facility Footprint Optimization costs, and $1.0 million of consulting and other costs. The Company’s restructuring activities are expected to be complete by December 31, 2023.
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.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef