Restructuring charges for the three and nine months ended September 30, 2025 consist of new actions taken in the first nine months of 2025. Restructuring charges for the three and nine months ended September 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 nine months ended September 30, 2025 and 2024 are listed below.


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Severance and termination costs	$	44.3	$	—	$	177.7	$	—
Lease impairment costs	14.6		0.4		108.0		1.3
Other related costs	70.6		0.1		165.1		0.1
Total restructuring charges	$	129.5	$	0.5	$	450.8	$	1.4

In the first quarter of 2025, management initiated restructuring actions, as previously disclosed, 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 $450.0 - $475.0, 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 September 30, 2025, severance and termination costs related to a planned reduction in workforce of approximately 800 employees. During the nine months ended September 30, 2025, severance and termination costs related to a planned reduction in workforce of approximately 3,200 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 135,000 and 730,000 square feet for the three and nine months ended September 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, write-offs of unutilized assets, and losses on sales of equity and debt investments. 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 September 30, 2025
Severance and termination costs	$	177.7	$	4.7	$	122.0	$	51.0
Lease impairment costs	108.0		107.8		0.2		0.0
Other related costs	165.1		67.3		73.9		23.9
Total	$	450.8	$	179.8	$	196.1	$	74.9

There were no adjustments to the 2020 Plan and 2022 Real Estate Actions for the three and nine months ended September 30, 2025. Net restructuring charges of $0.5 and $1.4 for the three and nine months ended September 30, 2024, respectively were related to adjustments to our restructuring actions taken in 2020 and 2022.