Our Board of Directors authorized, and we implemented, a corporate restructuring plan (the 2024 Restructuring Plan) to reduce our workforce and rebalance our cost structure in alignment with our strategic priorities. Restructuring expenses expected to be incurred under the 2024 Restructuring Plan include severance and employee-related costs; asset impairment; and contract termination and other exit costs. During the three months ended March 31, 2024, we recognized $32.8 million in expenses associated with the 2024 Restructuring Plan which are presented in restructuring in the accompanying Condensed Consolidated Statements of Income.

In connection with the 2024 Restructuring Plan, we exited two leases in the Greater Philadelphia area and the right-of-use assets, related leasehold improvements and certain other long-lived assets were remeasured and recorded at fair value, see “Note 5. Fair Value” for additional information.

We incurred the majority of the charges related to the 2024 Restructuring Plan in the three months ended March 31, 2024, and expect the 2024 Restructuring Plan to be substantially completed by the end of the second quarter of 2024.

The expected pre-tax charges are estimates and are subject to a number of assumptions and actual results may vary from the estimates provided.


			Three Months Ended March 31, 2024
	Accrued at December 31, 2023		Initial Costs		Non-cash Charges		Cash Payments		Accrued at March 31, 2024(2)		Total Costs Incurred to Date		Total Expected Plan Costs
Severance and employee-related costs	$	—	$	15,656	$	—	$	(13,868)	$	1,788	$	15,656	$	15,656
Contract termination and other exit costs(1)	—		4,861		—		(18)		4,843		4,861		5,044
Asset impairment	—		12,318		(12,318)		—		—		12,318		12,318
Total restructuring	$	—	$	32,835	$	(12,318)	$	(13,886)	$	6,631	$	32,835	$	33,018

(1) Contract termination costs consist of accruals for costs to be incurred without future economic benefit, and other exit costs expensed as incurred.

(2) As of March 31, 2024, substantially all restructuring liabilities have been recorded in other current liabilities in the accompanying Condensed Consolidated Balance Sheets.