2025 Restructuring Program: In the second quarter of 2025, we initiated a restructuring program (the “2025 Restructuring Program”) aimed at enhancing operational efficiency and achieving cost savings through the adoption of advanced technologies, including artificial intelligence (“AI”). The program is centered around two key initiatives:

Process Optimization and Workforce Productivity - The first initiative focuses on streamlining operations by leveraging cutting-edge technological innovations to significantly enhance workforce productivity. This includes the integration of automation and AI-driven solutions to reduce manual processes and improve overall efficiency. As a result of this initiative, we have incurred, and expect to continue to incur, severance and related personnel costs associated with workforce reductions.

Facilities Consolidation and Footprint Optimization - The second initiative involves the consolidation and centralization of our facilities to align with the reduced workforce resulting from the first initiative. This effort is designed to optimize our physical footprint and support a more agile and cost-effective operating model. As a result of this initiative, we have recognized asset impairments related to the early termination or abandonment of certain facilities under operating leases.

These initiatives are expected to materially reduce our cost structure and better position the Company for sustainable, long-term growth in an increasingly technology-driven marketplace. The 2025 Restructuring Program is expected to span the next two years, during which we will continue to implement advanced technologies across the enterprise and review opportunities to consolidate our global facilities.

We recognized restructuring charges of $16.1 million and $43.8 million in the three and nine months ended September 30, 2026, respectively, primarily related to workforce reductions and related personnel expenses in addition to asset impairments of facilities under operating leases. We expect to incur restructuring charges of $75 million to $100 million in total from 2025 through early 2028 primarily related to severance and other personnel-related costs and impairments related to the early termination or abandonment of facilities under operating leases for the 2025 Restructuring Program. The amount and timing of the restructuring charges we will recognize depend upon multiple factors, such as the implementation and integration of automation and AI-driven solutions across targeted areas of the enterprise, natural employee turnover, and our ability to consolidate our global facilities. We paid $30.9 million of cash in the nine months ended September 30, 2026 related to the 2025 Restructuring Program.

A summary of charges related to our 2025 Restructuring Program is presented below (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Severance(1)	$	3,294	$	9,304	$	28,048	$	12,968
Other personnel expenses(1)	289		424		2,321		641
Other selling, general, and administrative expenses(2)	12,509		202		13,427		202
Total	$	16,092	$	9,930	$	43,796	$	13,811

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The following tables summarize restructuring charges related to our 2025 Restructuring Program by reportable segment (in thousands):


	Three Months Ended September 30, 2026
	NAST		Global Forwarding		All Other and Corporate		Consolidated
Personnel expenses	$	1,762	$	884	$	937	$	3,583
Other selling, general, and administrative expenses	218		33		12,258		12,509
	Three Months Ended September 30, 2025
	NAST		Global Forwarding		All Other and Corporate		Consolidated
Personnel expenses	$	1,199	$	8,403	$	126	$	9,728
Other selling, general, and administrative expenses	75		127		—		202


	Nine Months Ended September 30, 2026
	NAST		Global Forwarding		All Other and Corporate		Consolidated
Personnel expenses	$	19,815	$	4,965	$	5,589	$	30,369
Other selling, general, and administrative expenses	398		632		12,397		13,427
	Nine Months Ended September 30, 2025
	NAST		Global Forwarding		All Other and Corporate		Consolidated
Personnel expenses	$	1,876	$	10,979	$	754	$	13,609
Other selling, general, and administrative expenses	75		127		—		202

The following table summarizes activity related to our 2025 Restructuring Program and liabilities included in our consolidated balance sheets (in thousands):


	Accrued Severance and Other Personnel Expenses		Accrued Other Selling, General, and Administrative Expenses		Total(1)
Balance, December 31, 2025	$	3,790	$	291	$	4,081
Restructuring charges	30,369		13,427		43,796
Cash payments	(29,906)		(1,022)		(30,928)
Settled non-cash	—		(12,201)		(12,201)
Accrual adjustments(2)	(105)		19		(86)
Balance, September 30, 2026	$	4,148	$	514	$	4,662

(2) Accrual adjustments primarily relate to changes in estimates for certain employee termination costs, including those settling for an amount different than originally estimated and foreign currency adjustments.