24. RESTRUCTURING CHARGES

In June 2022, the Board of Directors approved a strategic integration and cost optimization initiative that includes a global workforce reduction, facilities consolidation, and other operational savings measures (the “Initiative”). The purpose of the Initiative is to streamline the Company’s operational structure, reducing its operating expenses and managing its cash flows.

During the year ended December 31, 2022, the Company recorded the following activity in accrued expenses and other current liabilities in the consolidated balance sheet (in thousands):

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During the year ended December 31, 2022, the Company recorded restructuring charges of $14.3 million related to employee severance, benefits and related costs, inventory write-offs and facility consolidations which were expensed as follows (in thousands):

⁽¹⁾ Includes $7.3 million of stock-based compensation expense incurred in connection with the Initiative.

⁽²⁾ Lease termination costs associated with the Initiative have yet to be determined, pending completion of the facility rationalization assessment. Other costs related to operational savings measures associated with the Initiative have yet to be determined.

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As of December 31, 2022, the Company had $0.8 million of restructuring charges, recorded in accrued expenses and other current liabilities in the consolidated balance sheet.

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In January 2023, the Company committed to additional action to continue and expand the Initiative, resulting in an estimated $19.6 million to $26.0 million of additional restructuring costs. The Company anticipates that the Initiative will be substantially complete by the end of 2023.