RESTRUCTURING INITIATIVES

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024, we recognized $2.3 million and $5.8 million of restructuring costs related to this initiative, respectively. For the three and six months ended June 30, 2023, we recognized $1.9 million and $13.5 million of restructuring costs related to this initiative, respectively. The cumulative expense incurred as of June 30, 2024 was $57.5 million.

As of June 30, 2024, we have recorded the following activity associated with our optimization initiative:


	Beginning Reserve at December 31, 2023		Net Charges for the Six Months Ended June 30, 2024		Cash Paid		Interest and FX Impact		Ending Reserve at June 30, 2024
Employee severance	$	27,078	$	2,890	$	(9,179)	$	(311)	$	20,478
Professional fees and other costs	2,810		2,922		(2,403)		(15)		3,314
Totals	$	29,888	$	5,812	$	(11,582)	$	(326)	$	23,792