Restructuring and Related Reorganization Charges

6 Months Ended

Jun. 30, 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 half of 2025, we made the decision to expand these actions. As a result, we recognized $70 million and $66 million in restructuring and related reorganization charges during the six months ended June 30, 2025 and 2024. The charges were predominately related to employee severance and benefit costs and approximately $32 million was included in accrued expenses and other current liabilities on our consolidated balance sheet as of June 30, 2025. Based on current plans which are subject to change, we expect approximately $20 million in additional reorganization charges. These costs could be higher or lower should we make additional decisions in future periods that impact our reorganization efforts.