Restructuring and Other Charges

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

2024 Restructuring

In the fourth quarter of 2024, we incurred approximately $37.0 million in restructuring expenses, of which $13.0 million remained unpaid and were included in Accrued liabilities as of December 31, 2024. During the year ended 2025, we reduced our December 31, 2024 restructuring liability by approximately $14.6 million primarily due to cash payments, offset by approximately $2.1 million of additional restructuring expense recorded in Cost of net revenues. As of March 31, 2026, we had no remaining restructuring liability related to the 2024 Restructuring.

2025 Restructuring

In the third quarter of 2025, we initiated a plan to realign certain business groups and reduce our global workforce as part of our continued effort to right size our labor force in response to the current macroeconomic environment. We incurred approximately $40.9 million in restructuring expenses, of which $17.1 million remained unpaid and were included in Accrued liabilities as of December 31, 2025. For the three months ended March 31, 2026, we reduced our December 31, 2025 restructuring liability by approximately $11.6 million primarily due to cash payments, offset by approximately $0.7 million of additional restructuring expenses, most of which was recorded in Selling, general and administrative expense in our Condensed Consolidated Statements of Operations. As of March 31, 2026, $6.3 million remained unpaid and was included in Accrued liabilities in our Condensed Consolidated Balance Sheets.

We have completed the 2025 restructuring plan and incurred approximately $41.6 million in total restructuring expenses. We do not expect to incur additional restructuring expenses in connection with the plan.

The 2024 and 2025 restructuring activities were primarily related to involuntary termination benefits, including employee severance and other post-employment benefits.

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


	For the twelve months ended December 31, 2025
	2024 Restructuring		2025 Restructuring2		Total
Balance at beginning of period1	$	13,001	$	—	$	13,001
Restructuring and other charges	2,056		40,888		42,944
Cash payments and adjustments	(14,569)		(23,776)		(38,345)
Balance at end of period1	$	488	$	17,112	$	17,600


	For the three months ended March 31, 2026
	2024 Restructuring		2025 Restructuring2		Total
Balance at beginning of period1	$	488	$	17,112	$	17,600
Restructuring and other charges	—		726		726
Cash payments and adjustments	(488)		(11,575)		(12,063)
Balance at end of period1	$	—	$	6,263	$	6,263

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

2 2025 restructuring activities include an immaterial amount of charges for non post-employment benefit related restructuring expense.