Quarterly report pursuant to Section 13 or 15(d)

Restructuring Activity

v3.23.1
Restructuring Activity
 3 Months Ended
Mar. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Activity Restructuring Activity
During the three months ended March 31, 2023, the Company entered into a plan of restructuring to reduce its workforce as a result of internal resource alignment and cost saving measures.
The following table presents the activity related to the restructuring plan, which is included in restructuring charges in the consolidated statements of income:
Three Months Ended March 31,
2023 2022
(in thousands)
Employee separation expenses $ 4,589  $ — 
Lease related charges 8  — 
Other 51  — 
$ 4,648  $ — 
We expect to incur additional costs throughout the remainder of 2023 related to the plan of restructuring, due to statutory requirements in the jurisdictions in which the terminated employees were employed.
The following table presents a roll-forward of the Company’s restructuring liability for the three months ended March 31, 2023. The restructuring liability is included in accrued expenses and other current liabilities and other long-term liabilities in the consolidated balance sheets.
Employee Separation Expenses Lease Related Charges Other Total
(in thousands)
Liability as of December 31, 2022 $ 971  $ 103  $ 8  $ 1,082 
Restructuring charges 4,589  8  51  4,648 
Cash payments (2,463) (61) (51) (2,575)
Non-cash charges and adjustments —  21  —  21 
Liability as of March 31, 2023 3,097  71  8  3,176 
Less: current portion as of March 31, 2023 (3,097) (71) (8) (3,176)
Long-term portion as of March 31, 2023 $ —  $ —  $ —  $ —