RESTRUCTURING INITIATIVES

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

As part of our ongoing efforts to better leverage our fixed cost base through growth and cost reduction measures, during the three and nine months ended September 30, 2024, we recognized $3.9 million and $9.7 million of restructuring costs related to this initiative, respectively. For the three and nine months ended September 30, 2023, we recognized $6.6 million and $20.1 million of restructuring costs related to this initiative, respectively. The cumulative expense incurred as of September 30, 2024 was $61.3 million.

As of September 30, 2024, we have recorded the following activity associated with our optimization initiative:


	Beginning Reserve at December 31, 2023		Net Charges for the Nine Months Ended September 30, 2024		Cash Paid		Interest and FX Impact		Ending Reserve at September 30, 2024
Employee severance	$	27,078	$	6,003	$	(15,321)	$	38	$	17,798
Professional fees and other costs	2,810		3,673		(3,560)		36		2,959
Totals	$	29,888	$	9,676	$	(18,881)	$	74	$	20,757

During the three months ended September 30, 2024, pension curtailment accounting was triggered as a result of restructuring in one of our entities in Europe. The remeasurement of the pension obligations resulted in a decrease of $1.9 million. The curtailment gain is included in the line miscellaneous income (expense), net in the Condensed Consolidated Statements of Income.