RESTRUCTURING INITIATIVES

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

During the third quarter of 2022, we began an initiative to better leverage our fixed cost base through growth and cost reduction measures. For the three and nine months ended September 30, 2023, we recognized $6.6 million and $20.1 million of restructuring costs related to this initiative, respectively. For the three months ended September 30, 2022, we recognized $2.3 million of restructuring costs related to this initiative. The cumulative expense incurred as of September 30, 2023 was $26.3 million.

As of September 30, 2023, we have recorded the following activity associated with our optimization initiative:


	Beginning Reserve at 12/31/2022		Net Charges for the Nine Months Ended 9/30/2023		Cash Paid		Interest and FX Impact		Ending Reserve at 9/30/2023
Employee severance	$	4,993	$	15,833	$	(8,605)	$	(105)	$	12,116
Professional fees and other costs	—		4,236		(3,991)		8		253
Totals	$	4,993	$	20,069	$	(12,596)	$	(97)	$	12,369