Restructuring Charges

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

Restructuring and Other Charges

2023 Restructuring Plan

In June 2023, the Company initiated a restructuring program to reduce overall expenses to improve future profitability by reducing the Company’s overall spending (the “2023 Restructuring Plan”). In connection with this restructuring program, the Company initiated a plan resulting in a reduction of 42 employees. During the year ended December 31, 2023, the Company recorded charges of approximately $9.4 million to “Restructuring and other charges” in its Consolidated Statement of Operations, related to the reduction in workforce, as well as write-downs of obligations related to certain IP development costs and software licenses for engineering development tools. The 2023 Restructuring Plan was materially completed in the fourth quarter of 2023.

The following table summarizes the 2023 Plan restructuring activities during the year ended December 31, 2023:

(In thousands)	Employee Severance and Related Benefits		Other Costs		Total
Liability at December 31, 2022	$	—	$	—	$	—
Charges	4,620		4,748		9,368
Non-cash items*	—		(948)		(948)
Payments	(4,152)		(2,600)		(6,752)
Liability at December 31, 2023	$	468	$	1,200	$	1,668

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*    The non-cash items of $0.9 million related to the write-down of software licenses for engineering development tools.

During the years ended December 31, 2022 and 2021, the Company did not initiate any restructuring programs.