Restructuring and Other Termination Benefits
|12 Months Ended|
Dec. 31, 2022
|Restructuring and Related Activities [Abstract]|
|Restructuring and Other Termination Benefits||
7. Restructuring and Other Termination Benefits
In the third and fourth quarter of 2022, the Company initiated two separate restructuring plans for cost-reduction actions including global workforce reductions, facility exit costs and contract termination costs. The following costs represent the result of these plans along with other non-recurring termination costs incurred during the year ended December 31, 2022:
Of the total $15.3 million restructuring and other termination costs incurred as a result of our two restructuring plans initiated during the year ended December 31, 2022, $4.2 million relates to impairment of our right-of-use assets within Property, plant and equipment on the Consolidated Balance Sheets and recognized within Impairment expense within the Consolidated Statement of Operations and Other Comprehensive Loss. All other costs are recognized within Selling, general & administrative expenses in the Consolidated Statements of Operations and Other Comprehensive Loss and are associated with our Healthcare services reportable segment.
$5.1 million of the restructuring and other termination benefits incurred during the year remain unpaid as of December 31, 2022. Of this, $4.8 million relates to a minimum level of compensation, based in part on the Company’s stock price, for aprior senior (non-Director) employee under their employment agreement and included in the Due to related parties account on the Consolidated Balance Sheets. The remaining $0.3 million accrual is recognized within the Accruals and other liabilities amount on the Consolidated Balance Sheets.
No definition available.
The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef