OTHER OPERATING EXPENSES (INCOME), NET

12 Months Ended

Dec. 31, 2023

OTHER OPERATING EXPENSES (INCOME), NET

OTHER OPERATING EXPENSES (INCOME), NET

NOTE 18. – OTHER OPERATING EXPENSES (INCOME), NET

The components of “Other operating expenses (income), net” were as follows:

	Year Ended
	December 31,
	2023		2022
Restructuring costs:
Impairment of intangible assets (see Note 7)	$	1,375	$	35
Impairment of fixed assets		56		—
Professional services		763		—
Severance (see Note 1)		221		—
Total Restructuring costs		2,415		35
Acquisition and transaction costs		223		-
Gain on sale or disposal of property, plant and equipment		(111)		(362)
Total other operating expenses (income), net	$	2,527	$	(327)

Restructuring costs

During the third quarter of 2023, the Company undertook various restructuring activities in an effort to better align its internal organizational structure and costs with its strategy, as well as preserve liquidity. As a component of the restructuring, the Company has initiated a process to evaluate strategic alternatives with respect to the Company’s tobacco assets. The process will include consideration of a range of strategic, operational and financial transactions and alternatives, such as business combinations, asset sales, licensing agreements, alternate financing strategies and other options.

As a result, the Company incurred $2,415 in restructuring costs for the year ended December 31, 2023, which included costs related to employee termination, professional services and consulting, and long-lived asset impairment.