Restructuring Charges |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges | Restructuring Charges We incurred restructuring charges (which generally consist of employee severance costs and contract terminations). These charges were incurred as a result of eliminating, consolidating, standardizing and/or automating our business functions. Three months ended March 31, 2025 vs. Three months ended March 31, 2024 We recorded total restructuring charges of $2.9 million for the three months ended March 31, 2025, consisting of: •Severance costs of $2.7 million under ongoing benefit arrangements. Approximately 50 employees were impacted. Most of the employees impacted exited the Company by the end of the first quarter of 2025. The cash payments for these employees will be substantially completed by the end of the third quarter of 2025; and •Contract termination, write down of right of use assets and other exit costs, including those to consolidate or close facilities of $0.2 million. We recorded total restructuring charges of $3.4 million for the three months ended March 31, 2024, consisting of: •Severance costs of $2.9 million under ongoing benefit arrangements. Approximately 65 employees were impacted. Most of the employees impacted exited the Company by the end of the first quarter of 2024. The cash payments for these employees were substantially completed by the end of the third quarter of 2024; and •Contract termination, write down of right of use assets and other exit costs, including those to consolidate or close facilities of $0.5 million. The following table sets forth the restructuring reserves and utilization included within "Accrued payroll" in the condensed consolidated balance sheets for the three months ended March 31, 2025 and March 31, 2024:
(1)Balance excludes charges accounted for under ASU No. 2016-02, "Leases (Topic 842)."
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