RESTRUCTURING INITIATIVES

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and 2023, we recognized $3.5 million and $11.5 million of restructuring costs related to this initiative, respectively. The cumulative expense incurred as of March 31, 2024 was $55.2 million.

As of March 31, 2024, we have recorded the following activity associated with our optimization initiative:


	Beginning Reserve at 12/31/2023		Net Charges for the Three Months Ended 3/31/2024		Cash Paid		Interest and FX Impact		Ending Reserve at 3/31/2024
Employee severance	$	27,078	$	1,743	$	(4,453)	$	151	$	24,519
Professional fees and other costs	2,810		1,754		(1,101)		(14)		3,449
Totals	$	29,888	$	3,497	$	(5,554)	$	137	$	27,968