RESTRUCTURING CHARGES |
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| RESTRUCTURING CHARGES |
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. As part of the facilities consolidation, the Company has approved plans to sell two facilities and relocate operations from those locations to existing facilities. The purpose of the Initiative is to streamline the Company’s operational structure, reducing its operating expenses and managing its cash flows. 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. During the three months ended March 31, 2023, the Company recorded the following activity related to the Initiative in accrued expenses and other current liabilities on the balance sheet (in thousands):
As of March 31, 2023, the Company recorded $3.3 million of restructuring charges in accrued expenses and other current liabilities in the condensed consolidated balance sheet. During the three months ended March 31, 2023, the Company recorded restructuring charges of $3.6 million related to employee severance, benefits and related costs, inventory write-offs, royalty expenses associated with discontinued product offerings, and facility consolidations which were expensed as follows (in thousands):
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