Restructuring Charges

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

We incurred restructuring charges (which generally consist of employee severance costs and contract terminations). These charges were incurred as a result of eliminating, consolidating, standardizing and/or automating our business functions.

Three months ended June 30, 2024 vs. Three months ended June 30, 2023

We recorded total restructuring charges of $3.3 million for the three months ended June 30, 2024, consisting of:

•Severance costs of $3.0 million under ongoing benefit arrangements. Approximately 80 employees were impacted. Most of the employees impacted exited the Company by the end of the second quarter of 2024. The cash payments for these employees will be substantially completed by the end of the fourth quarter of 2024; and

•Contract termination, write down of right of use assets and other exit costs, including those to consolidate or close facilities of $0.3 million.

We recorded total restructuring charges of $4.6 million for the three months ended June 30, 2023, consisting of:

•Severance costs of $3.9 million under ongoing benefit arrangements. Approximately 60 employees were impacted. Most of the employees impacted exited the Company by the end of the second quarter of 2023. The cash payments for these employees were substantially completed by the end of the fourth quarter of 2023; and

•Contract termination, write down of right of use assets and other exit costs, including those to consolidate or close facilities of $0.7 million.

Six months ended June 30, 2024 vs. Six months ended June 30, 2023

We recorded total restructuring charges of $6.7 million for the six months ended June 30, 2024, consisting of:

•Severance costs of $5.9 million under ongoing benefit arrangements. Approximately 145 employees were impacted. Most of the employees impacted exited the Company by the end of the second quarter of 2024. The cash payments for these employees will be substantially completed by the end of the fourth quarter of 2024; and

•Contract termination, write down of right of use assets and other exit costs, including those to consolidate or close facilities of $0.8 million.

We recorded total restructuring charges of $8.8 million for the six months ended June 30, 2023, consisting of:

•Severance costs of $7.0 million under ongoing benefit arrangements. Approximately 110 employees were impacted. Most of the employees impacted exited the Company by the end of the second quarter of 2023. The cash payments for these employees were substantially completed by the end of the fourth quarter of 2023; and

•Contract termination, write down of right of use assets and other exit costs, including those to consolidate or close facilities of $1.8 million.

The following table sets forth the restructuring reserves and utilization included within "Accrued payroll" in the condensed consolidated balance sheets for the three months ended March 31, 2024, June 30, 2024, March 31, 2023 and June 30, 2023:


	Severance		Contract termination and other exit costs		Total

2024:
Balance remaining as of December 31, 2023	$	2.4	$	0.8	$	3.2
Charge taken during first quarter 2024 (1)	2.9		0.1		3.0
Payments made during first quarter 2024	(2.6)		(0.4)		(3.0)
Balance remaining as of March 31, 2024	$	2.7	$	0.5	$	3.2
Charge taken during second quarter 2024 (1)	3.0		—		3.0
Payments made during second quarter 2024	(2.4)		(0.1)		(2.5)
Balance remaining as of June 30, 2024	$	3.3	$	0.4	$	3.7




2023:
Balance remaining as of December 31, 2022	$	4.8	$	2.2	$	7.0
Charge taken during first quarter 2023 (1)	3.1		0.5		3.6
Payments made during first quarter 2023	(4.0)		(0.8)		(4.8)
Balance remaining as of March 31, 2023	$	3.9	$	1.9	$	5.8
Charge taken during second quarter 2023 (1)	3.9		0.7		4.6
Payments made during second quarter 2023	(3.1)		(0.9)		(4.0)
Balance remaining as of June 30, 2023	$	4.7	$	1.7	$	6.4

(1)Balance excludes charges accounted for under ASU No. 2016-02, "Leases (Topic 842)."