Restructuring Costs |
12 Months Ended |
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Dec. 31, 2023 | |
| Restructuring and Related Activities [Abstract] | |
| Restructuring Costs | Restructuring Costs Strategic Realignment of Fab1
On October 3, 2023, the Company announced that it initiated a strategic realignment of the Company’s Fab1 in Fremont designed to refocus the facility from a manufacturing hub to its “Center for Innovation,” focused on new product development, including a plan of workforce reduction.
In connection with such strategic realignment, the Company recorded approximately $3.0 million of restructuring costs for the fiscal year 2023, which consisted of severance, termination benefits, stock-based compensation expense and inventory raw material expense. These restructuring costs were reflected in Restructuring cost in the Consolidated Statements of Operations. During the fourth quarter of 2023, the Company paid $1.6 million of the restructuring costs and the remaining $0.4 million of the restructuring liability was included in Accrued compensation on the Consolidated Balance Sheet as of December 31, 2023. In addition, the Company recognized an accelerated depreciation expenses of approximately $18.5 million for Gen1 equipment in the fourth quarter of 2023 and approximately $18.5 million is expected to be recognized in the first quarter of 2024.
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- References No definition available.
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- Definition 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
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