Restructuring and Related Reorganization Charges

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Related Reorganization Charges

Restructuring and Related Reorganization Charges

In February 2024, we committed to restructuring actions to recalibrate resources as most of the Company’s organizational and technological transformation is now completed, which have resulted in headcount reductions. During the first quarter of 2025, we made the decision to expand these actions. As a result, we recognized $26 million and $48 million in restructuring and related reorganization charges during the three months ended March 31, 2025 and 2024. The charges were predominately related to employee severance and benefit costs and approximately $26 million was included in accrued expenses and other current liabilities on our consolidated balance sheet as of March 31, 2025. Based on current plans which are subject to change, we expect approximately $40 million in additional reorganization charges in the remainder of 2025, with the majority of the expense occurring in the second quarter. These costs could be higher or lower should we make additional decisions in future

periods that impact our reorganization efforts.