During the fourth quarter of 2023, we incurred approximately $14.0 million in restructuring expenses, of which $0.7 million was recorded in Cost of net revenues and $13.3 million was recorded in Restructuring and other charges. Our fourth quarter 2023 restructuring activities were substantially complete by the third quarter of 2024.

During the fourth quarter of 2024, we initiated a restructuring plan to increase efficiencies across the organization which is expected to be completed in 2025. We incurred approximately $37.0 million in restructuring expenses, of which $3.8 million

was recorded in Cost of net revenues and $33.2 million was recorded in Restructuring and other charges. These restructuring activities were primarily related to employee severance and other one-time post-employment benefits.

Activity related to the restructuring liabilities associated with our restructuring initiatives consist of the following (in thousands):


	Restructuring and other charges
Balance as of December 31, 2022 1	$	3,916
Restructuring charges	13,989
Cash payments and adjustments	(12,606)

Balance as of December 31, 2023 1	5,299
Restructuring charges 2	36,393
Cash payments and adjustments	(28,691)

Balance as of December 31, 2024 1	$	13,001

1 Included in “Accrued liabilities” within our Consolidated Balance Sheets.

2 Includes approximately $0.6 million of restructuring expense decreases related to the 2023 restructuring.