Annual report pursuant to Section 13 and 15(d)

Restructuring and Related Charges (Tables)

v3.24.0.1
Restructuring and Related Charges (Tables)
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Schedule of Components of and Changes in Restructuring and Related Charges
The components of the restructuring charges (including professional service fees) are as follows:
Year Ended December 31,
2023
(in thousands)
Severance and benefits (1)
$ 13,712 
Accelerated expense on abandoned right-of-use assets (2)
2,919 
Professional fees (3)
9,708 
Other (4)
1,665 
Total restructuring charges $ 28,004 
(1)Charges of $4.3 million recorded in cost of services (exclusive of depreciation and amortization) for the year ended December 31, 2023. Charges of $9.4 million recorded in selling, general and administrative expenses for the year ended December 31, 2023.
(2)Charges for accelerated expense and additional costs associated with abandoned right-of-use assets recorded in selling, general and administrative expenses.
(3)Professional service fees consist of consulting costs related to the execution of the Company’s global restructuring plan to improve the Company’s cost structure, operating efficiency, and redesign and right size the organization. These charges are recorded in selling, general and administrative expenses.
(4)Other charges recorded in selling, general and administrative expenses.
The following table provides the components of and changes in the Company’s restructuring and related charges, included in accrued salaries and payroll and accrued expenses and other current liabilities on the consolidated balance sheets:
December 31, 2023
(in thousands)
Balance at December 31, 2022
 $ — 
Charges incurred (1)
25,085 
Payments (21,647)
Balance at December 31, 2023
 $ 3,438 
(1)Includes $13.7 million in charges for employee severance and benefits related to the workforce reduction, $1.3 million of which remains unpaid as of December 31, 2023.