During the fourth quarter of 2023, we incurred approximately $14.0 million in restructuring expenses, of which $5.3 million remained unpaid and were included in Accrued liabilities as of December 31, 2023. During the first half of 2024, we reduced our December 31, 2023 restructuring liability by approximately $5.1 million, primarily due to cash payments.

During the fourth quarter of 2024, we initiated a restructuring plan to increase efficiencies across the organization which is expected to be completed in the second half of 2025. We incurred approximately $37.0 million in restructuring expenses, of

which $13.0 million remained unpaid and were included in Accrued liabilities as of December 31, 2024. During the first half of 2025, we reduced our December 31, 2024 restructuring liability by approximately $12.9 million primarily due to cash payments, offset by approximately $2.0 million of additional restructuring expense recorded in Cost of net revenues.

The 2023 and 2024 restructuring activities were primarily related to employee severance and other one-time post-employment benefits.

Activity related to the restructuring liabilities associated with our restructuring initiatives consist of the following (in thousands):


	Six Months Ended June 30,
	2025		2024
Balance at beginning of period1	$	13,001	$	5,299
Restructuring charges	2,030		(509)
Cash payments and adjustments	(12,914)		(4,573)
Balance at end of period 1	$	2,117	$	217

1 Included in “Accrued liabilities” within our Condensed Consolidated Balance Sheets.