Restructuring

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

During the first quarter of 2023, management committed to an action to restructure certain parts of the Company to enable it to prioritize investments in the fastest growing areas of the business. As a result, certain headcount reductions were necessary. The Company has incurred $20.5 million related to this action during the six months ended June 30, 2023. The Company does not expect to incur material additional charges related to this action.

The Company launched its FlexBase program in May 2022, which is a flexible workspace arrangement that allows employees to choose to work from their home office, a Company office or a combination of both, which is a significant change to the way employees worked prior to the program. The Company began to identify certain facilities that were no longer needed in the fourth quarter of 2021. As a result, impairments of right-of-use assets and leasehold improvements were recognized. The Company has incurred $32.8 million of restructuring charges related to this action, of which $6.8 million and $25.4 million was incurred during the three and six months ended June 30, 2023, respectively, and $3.1 million was incurred during the six months ended June 30, 2022. As the Company continues to execute its FlexBase program, additional charges related to this action are expected to occur into early 2024.

The Company also recognizes restructuring charges for redundant employees, facilities and contracts associated with completed acquisitions.

The changes in the Company's accrual for employee severance and related benefits for all restructuring actions for the six months ended June 30, 2023 were as follows (in thousands):


Balance as of January 1, 2023	$	541
Costs incurred	20,953
Cash disbursements	(5,583)
Translation adjustments and other	6
Balance as of June 30, 2023	$	15,917