In February 2024, we approved and initiated a global restructuring designed to better align our assets and further improve the efficiency of the business. This initiative includes an announced voluntary retirement offer in the U.S., along with a rationalization and optimization of certain distribution centers, stores and other facilities.

For the three and six months ended June 30, 2024, we incurred $37 million and $120 million, respectively, in costs related to our global restructuring initiative. We expect to incur total costs up to $200 million related to the global restructuring efforts in 2024 and to substantially complete the initiative by the end of 2025. We may incur additional charges not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of these initiatives. The global restructuring was approved and funded by our corporate office and therefore these costs are not allocated to our segments.

For the three months ended June 30, 2024, costs of $37 million include severance and other employee costs of $4 million, other restructuring costs of $26 million, and restructuring inventory liquidation costs of $7 million, which are reflected in cost of goods sold.


(in thousands)	Severance and other employee costs		Other restructuring costs (1)		Total (1)
Liability as of January 1, 2024	$	—	$	—	$	—
Restructuring and other costs	65,954		46,848		112,802
Cash payments	(41,277)		(32,872)		(74,149)
Non-cash charges	3,094		(12,844)		(9,750)
Translation	(90)		2		(88)
Liability as of June 30, 2024	$	27,681	$	1,134	$	28,815

(1) Amount reflects moving expenses, accelerated rent, professional fees, facility closure costs and asset impairment costs that are attributable to our restructuring. Amount excludes a $7 million noncash charge reflected in cost of goods sold for inventory liquidated rather than moved during facility consolidation in connection with the restructuring.