Restructuring charges for the three and six months ended June 30, 2025 consist of new actions taken in the first half of 2025. Restructuring charges for the three and six months ended June 30, 2024 represent adjustments to the 2022 Real Estate Actions, as well as adjustments to the actions taken in 2020. The components of restructuring charges for the three and six months ended June 30, 2025 and 2024 are listed below.


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Severance and termination costs	$	53.3	$	—	$	133.4	$	—
Lease impairment costs	23.1		0.3		93.4		0.9
Other related costs	41.6		—		94.5		—
Total restructuring charges	$	118.0	$	0.3	$	321.3	$	0.9

In the first quarter of 2025, management initiated restructuring actions, as previously announced, which are designed to transform our business, enhance our offerings and drive significant structural expense savings. Management currently expects the total charges in connection with these actions to be approximately $375.0 - $400.0, a portion being non-cash, which is subject to change upon finalization of the actions. Actions are expected to be completed by the end of 2025.

During the three months ended June 30, 2025, severance and termination costs related to a planned reduction in workforce of approximately 900 employees. During the six months ended June 30, 2025, severance and termination costs related to a planned reduction in workforce of approximately 2,400 employees. The employee groups affected include executive, regional and account management as well as administrative, creative and media production personnel.

Lease impairment costs, which relate to the office spaces that were vacated as part of the 2025 restructuring actions and reduced our occupied global real estate footprint by approximately 165,000 and 595,000 square feet for the three and six months ended June 30, 2025, respectively, included impairments of operating lease right-of-use assets. Lease impairments were calculated based on estimated fair values using market participant assumptions including forecasted net discounted cash flows related to the operating lease right-of-use assets.

Other related costs primarily include leasehold improvements and furniture and asset retirement obligations associated with office spaces vacated as part of the 2025 restructuring actions, third-party costs to assist in identifying areas of structural expense savings in relation to our restructuring initiatives, and write-offs of unutilized assets. Leasehold improvements and furniture and asset retirement obligations were estimated using market participant assumptions including forecasted net discounted cash flows.

A summary of the restructuring activities related to the 2025 restructuring actions is as follows:


	2025 Restructuring Actions
	Restructuring Expense		Non-Cash Items		Cash Payments		Liability at June 30, 2025
Severance and termination costs	$	133.4	$	4.3	$	73.1	$	56.0
Lease impairment costs	93.4		93.2		0.2		—
Other related costs	94.5		48.4		29.9		16.2
Total	$	321.3	$	145.9	$	103.2	$	72.2

There were no adjustments to the 2020 Plan and 2022 Real Estate Actions for the three and six months ended June 30, 2025. Net restructuring charges of $0.3 and $0.9 for the three and six months ended June 30, 2024, respectively were related to adjustments to our restructuring actions taken in 2020 and 2022.