Restructuring

12 Months Ended

Dec. 31, 2023

Restructuring

Restructuring

18.Restructuring

The Company periodically takes actions to improve operating efficiencies, typically in connection with rationalizing the cost structure of the Company. The Company’s footprint and headcount reductions and organizational integration actions relate to discrete, unique restructuring events, primarily reflected in approved plans for reductions in force.

In the fourth quarter of 2023, the Company’s management approved a restructuring plan to realign the Company’s business and strategic priorities by rightsizing its workforce in certain regions.

The Company’s restructuring activity and balance of the restructuring liability is as follows:

	December 31,
(dollars in thousands)	2023		2022
Balance at January 1	$	2,036	$	4,237
Restructuring charges		4,484		267
Payment of benefits		(1,066)		(2,468)
Balance at December 31,	$	5,454	$	2,036

As of December 31, 2023 and 2022, the current portion of the restructuring liability was $5.5 million and $2.0 million respectively, and was included in accrued compensation and benefits in the consolidated balance sheets.