Restructuring and Related Activities

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

In 2022, the Company initiated a global cost and optimization program to improve its cost structure and drive a more profitable and productive organization. As of December 31, 2024, the program included restructuring and associated severance costs to reduce headcount by approximately 200 positions globally. These actions are expected to be substantially complete in the first half of 2025.

Employee separation benefits vary depending on local regulations within certain foreign countries and include severance and other benefits. The exact timing to complete, and final costs associated with, all actions will depend on a number of factors and are subject to change. In addition to the global cost and optimization program described above, the Company continues to take actions to optimize its facilities’ footprint. Restructuring costs incurred during the years ended December 31, 2024, 2023 and 2022 include employee severance, asset related and facility closure costs, including non-cash asset write-offs, that are recorded in Restructuring and related charges, net in the Company’s Consolidated Statements of Operations.

Activity in the Company’s accrual for its restructuring program and facility closure actions for the years ended December 31, 2024 and 2023 are as follows:



Accrued restructuring as of December 31, 2022	$	5,483
Severance costs	7,162
Asset-related charges	426
Cash payments	(9,786)
Currency translation adjustments	65
Accrued restructuring as of December 31, 2023	3,350
Severance costs	3,259
Asset-related charges	3,271
Cash payments	(7,595)
Currency translation adjustments	12
Accrued restructuring as of December 31, 2024	$	2,297

In connection with the plans for closure of certain manufacturing and non-manufacturing facilities, the Company made available for sale certain facilities and properties. During the years ended December 31, 2024, 2023 and 2022, the Company completed the sale of certain facilities previously classified as held-for-sale for a net gain of $0.4 million, $1.4 million and $0.2 million, respectively, which is recorded in Other income (expense), net on the Consolidated Statements of Operations. As of December 31, 2024, the Company classified a property in the EMEA segment with an aggregate book value of approximately $0.7 million as held-for-sale and recorded it in Prepaid expenses and other current assets on the Company’s Consolidated Balance Sheets. The Company expects to complete the sale of this property over the next twelve months. The Company will continue to evaluate its existing facilities and footprint, which may include making other facilities or property available for sale in the future.