Restructuring Charges

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

In May 2023, we approved a worldwide plan (the 2023 Plan) designed to improve profitability and cash flow by reducing complexity, streamlining processes, and driving further operational efficiencies. This will be achieved in part, through the expansion of the Company's shared services activities, further centralization and standardization of processes, increased automation and the closure and consolidation of select facilities in North America.

We expect to eliminate 400-500 positions worldwide. Total charges are expected to be $40 million-$50 million, consisting of employee severance and facility consolidation costs. We expect to substantially complete these actions by the first half of 2024.

Activity in our restructuring reserves was as follows:


	2023 Plan		Prior Plan		Total
Balance at January 1, 2023	$	—	$	7,647	$	7,647
Amounts charged to expense	22,443		3,599		26,042
Cash payments	(1,637)		(11,246)		(12,883)
Noncash activity	(1,478)		—		(1,478)
Balance at June 30, 2023	$	19,328	$	—	$	19,328

Balance at January 1, 2022	$	—	$	5,747	$	5,747
Amounts charged to expense	—		8,408		8,408
Cash payments	—		(8,255)		(8,255)
Noncash activity	—		(275)		(275)
Balance at June 30, 2022	$	—	$	5,625	$	5,625

Components of restructuring expense were as follows:


	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
	2023 Plan		Prior Plan		Total		Prior Plan
Severance	$	20,965	$	—	$	20,965	$	3,170
Facilities and other	1,478		—		1,478		1,054
Total	$	22,443	$	—	$	22,443	$	4,224

	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
	2023 Plan		Prior Plan		Total		Prior Plan
Severance	$	20,965	$	3,057	$	24,022	$	6,377
Facilities and other	1,478		542		2,020		2,031
Total	$	22,443	$	3,599	$	26,042	$	8,408