Restructuring and Reorganization Charges

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Reorganization Charges

6. RESTRUCTURING AND REORGANIZATION CHARGES

During the first quarters of 2024 and 2023, we recorded restructuring and reorganization charges of $2.0 million and $5.2 million, respectively.

During the first quarter of 2024 we reduced our workforce by approximately 35 employees, mainly in the U.S., as a result of organizational changes and efficiencies. As a result, we incurred restructuring charges related to involuntary terminations of $1.6 million.

The activity in the restructuring and reorganization reserves during the first quarter of 2024 was as follows (in thousands):

	Termination Benefits			Other			Total
January 1, 2023, balance	$	1,434		$	8,100		$	9,534
Charged to expense during period		1,582			416			1,998
Cash payments		(1,288	)		(4,196	)		(5,484	)
Other		115			-			115
March 31, 2024, balance	$	1,843		$	4,320		$	6,163

As of March 31, 2024, $4.9 million of the restructuring and reorganization reserves were included in current liabilities.