Restructuring and Reorganization Charges

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Reorganization Charges

6. RESTRUCTURING AND REORGANIZATION CHARGES

During the second quarters of 2024 and 2023, we recorded restructuring and reorganization charges of $7.1 million and $2.1 million, respectively, and for the six months ended June 30, 2024 and 2023, we recorded restructuring and reorganization charges of $9.1 million and $7.3 million, respectively.

During the six months ended June 30, 2024, we reduced our global workforce by over 200 employees, mainly in the U.S., as part of initiatives to better align and allocate resources to areas of the business where we have identified growth opportunities. As a result, we incurred restructuring charges related to involuntary terminations of $7.4 million.

The activity in the restructuring and reorganization reserves during the six months ended June 30, 2024 was as follows (in thousands):

	Termination Benefits			Other			Total
January 1, 2024, balance	$	1,434		$	8,100		$	9,534
Charged to expense during period		7,385			1,712			9,097
Cash payments		(7,050	)		(6,856	)		(13,906	)
Adjustment for accelerated depreciation		-			(436	)		(436	)
Other		802			-			802
June 30, 2024, balance	$	2,571		$	2,520		$	5,091

As of June 30, 2024, $3.8 million of the restructuring and reorganization reserves were included in current liabilities.