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The following table summarizes restructuring charges related to our 2024 Restructuring Program by reportable segment (in thousands):
Read in the filing ↗ Also in 10-K of Feb 14, 2025, 10-K of Feb 13, 2026, 10-K of Feb 13, 2026, 10-K of Feb 13, 2026
The following tables summarizes restructuring charges related to our 2025 Restructuring Program by reportable segment (in thousands):
Read in the filing ↗ Also in 10-Q of Aug 1, 2025, 10-Q of Oct 31, 2025, 10-Q of Oct 31, 2025, 10-Q of May 1, 2026, 10-Q of Jul 31, 2026
The following tables summarize restructuring charges related to our 2025 Restructuring Program by reportable segment (in thousands):
Read in the filing ↗
In addition to the above, NAST personnel expenses for 2025 included $10.2 million of severance and related personnel expenses. We also incurred $0.4 million in restructuring related other SG&A expenses in 2025. These expenses were both associated with our 2025 Restructuring Program. Personnel expenses for 2024 included $10.2 million of severance and related personnel expenses. We also incurred $6.9 million in restructuring related other SG&A expenses in 2024. These expenses were both associated with our 2024 Restructuring Program. Refer to Note 14, Restructuring, for further discussion related to our 2025 and 2024 Restructuring Programs.
Read in the filing ↗ Also in 10-K of Feb 14, 2025
NAST personnel expenses in the third quarter of 2026 included $1.8 million of severance and related personnel expenses associated with our 2025 Restructuring Program. Other SG&A expenses also included $3.1 million of acquisition and restructuring-related expenses. NAST personnel expenses in the third quarter of 2025 included $1.2 million of severance and related personnel expenses also associated with the 2025 Restructuring Program. Refer to Note 13, Restructuring, for further discussion related to our 2025 Restructuring Program.
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NAST personnel expenses in the first quarter of 2026 included $16.0 million of severance and related personnel expenses related to our 2025 Restructuring Program. Refer to Note 13, Restructuring, for further discussion related to our 2025 Restructuring Program.
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2024 Restructuring Program: In 2024, the Company announced a restructuring program (the “2024 Restructuring Program”) to drive our enterprise strategy and reduce our cost structure. The 2024 Restructuring Program focused on waste reduction, reprioritizing our product and technology teams on fewer strategic initiatives, driving synergies across our portfolio of services, and unifying the go to market strategy of our divisions.
Read in the filing ↗ Also in 10-K of Feb 13, 2026
Our personnel expenses in the first quarter of 2026 included $18.8 million of severance and related personnel expenses. We also incurred $1.4 million of restructuring related other SG&A expenses in the first quarter of 2026. These expenses were both associated with our 2025 Restructuring Program. Refer to Note 13, Restructuring, for further discussion related to our 2025 Restructuring Program.
Read in the filing ↗
2024 Restructuring Program: In 2024, the Company began a restructuring program (the “2024 Restructuring Program”) to drive our enterprise strategy and reduce our cost structure. The 2024 Restructuring Program was executed in phases, focused on waste reduction, reprioritizing our product and technology teams on fewer strategic initiatives, driving synergies across our portfolio of services, and unifying the go to market strategy of our divisions.
Read in the filing ↗ Also in 10-Q of Oct 31, 2025
In addition to the above, NAST personnel expenses in the third quarter of 2025 included $1.2 million of severance and related personnel expenses related to our 2025 Restructuring Program. The third quarter of 2024 included $1.2 million of severance and related personnel expenses. We also incurred $0.6 million of restructuring related other SG&A expenses in the third quarter of 2024. These expenses were both associated with our 2024 Restructuring Program. Refer to Note 13, Restructuring, for further discussion related to our restructuring programs.
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2025 Restructuring Program: In the second quarter of 2025, we initiated a new restructuring program (the “2025 Restructuring Program”) aimed at enhancing operational efficiency and achieving cost savings through the adoption of advanced technologies, including artificial intelligence. The program is centered around two key initiatives:
Read in the filing ↗ Also in 10-Q of Oct 31, 2025, 10-K of Feb 13, 2026
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:
Read in the filing ↗ Also in 10-Q of Jul 31, 2026, 10-Q of Oct 30, 2026
Accrued restructuring reserves were $ 0.5 million and $ 4.0 million as of June 30, 2025 and December 31, 2024, respectively. We paid $ 3.4 million of cash in the six months ended June 30, 2025 related to the 2024 Restructuring Program. There is no further activity expected related to the 2024 Restructuring Program other than settling the $ 0.5 million of restructuring reserve remaining as of June 30, 2025.
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Accrued restructuring reserves were $ 4.0 million as of December 31, 2024. We paid $ 3.7 million of cash in the nine months ended September 30, 2025 related to the 2024 Restructuring Program. There are no accrued liabilities or future activity remaining related to the 2024 Restructuring Program.
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In addition to the above, NAST personnel expenses in the second quarter of 2025 included $0.7 million of severance and related personnel expenses related to our 2025 Restructuring Program. The second quarter of 2024 included $4.8 million of severance and related personnel expenses. We also incurred $3.8 million of restructuring related other SG&A expenses in the second quarter of 2024. These expenses were both associated with our 2024 Restructuring Program. Refer to Note 13, Restructuring, and Note 14, Divestitures, for further discussion related to our restructuring programs and the divestiture of our Europe Surface Transportation business.
Read in the filing ↗
Personnel expenses in the second quarter of 2024 included $2.5 million of severance and related personnel expenses from our 2024 Restructuring Program. We also incurred $0.6 million of other SG&A expenses related to the 2024 Restructuring Program in the second quarter of 2024. Refer to Note 13, Restructuring, for further discussion related to our restructuring programs, and Note 14, Divestitures, for further discussion related to the divestiture of our Europe Surface Transportation business.
Read in the filing ↗
NAST personnel expenses in the second quarter of 2026 included $2.0 million of severance and related personnel expenses associated with our 2025 Restructuring Program. Other SG&A expenses also included $0.1 million of restructuring costs. NAST personnel expenses in the second quarter of 2025 included $0.7 million of severance and related personnel expenses also associated with the same program. Refer to Note 13, Restructuring, for further discussion related to our 2025 Restructuring Program.
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(1) Operating lease expense for the twelve months ended December 31, 2024, includes $ 13.0 million of restructuring charges related to rationalization of our facilities footprint including the early termination or abandonment of select office buildings under operating leases. Refer to Note 14, Restructuring, for further discussion related to our 2024 Restructuring Program.
Read in the filing ↗
2022 Restructuring Program: In 2022, we announced organizational changes to support our enterprise strategy of accelerating our digital transformation and productivity initiatives. The initiatives under our 2022 Restructuring Program were completed in 2023. We paid $ 3.6 million of cash related to the 2022 Restructuring Program in the twelve months ended December 31, 2024.
Read in the filing ↗ Also in 10-K of Feb 13, 2026
Restructuring, lease impairment charge, and divestiture expenses. All Other and Corporate personnel expenses in the second quarter of 2025 included $0.6 million of severance and related personnel expenses from our 2025 Restructuring Program and $0.4 million of other SG&A expenses resulting from restructuring and the divestiture of our Europe Surface Transportation business.
Read in the filing ↗ Also in 10-Q of May 1, 2026
All Other and Corporate personnel expenses for the second quarter of 2025 included $0.6 million of severance and related personnel expenses associated with our 2025 Restructuring Program. Other SG&A expenses for the second quarter of 2025 included $0.4 million related to restructuring activities and the divestiture of our Europe Surface Transportation business. Refer to Note 14, Divestitures, for further discussion related to the divestiture of our Europe Surface Transportation business and Note 13, Restructuring, for further discussion related to our 2025 Restructuring Program.
Read in the filing ↗
Our personnel expenses for the six months ended June 30, 2026 included $26.8 million of severance and related personnel expenses incurred in connection with our 2025 Restructuring Program. In addition, other SG&A included $0.9 million of expense also associated with the program. Refer to Note 13, Restructuring, for further discussion related to our 2025 Restructuring Program.
Read in the filing ↗
In 2024, we recognized restructuring charges of $ 45.7 million primarily related to workforce reductions, an impairment of internally developed software, and charges related to reducing our facilities footprint including early termination or abandonment of office buildings under operating leases. We paid $ 21.6 million of cash related to the 2024 Restructuring Program in the twelve months ended December 31, 2024. The initiatives included in our 2024 Restructuring Program are complete with the remaining $ 4.0 million of restructuring reserves as of December 31, 2024 expected to be paid in 2025.
Read in the filing ↗ Also in 10-K of Feb 13, 2026
In addition to the above, Global Forwarding personnel expenses for the second quarter of 2025 included $2.6 million of severance and related personnel expenses. These expenses were associated with our 2025 Restructuring Program. Personnel expenses for the second quarter of 2024 included $2.2 million of severance and related personnel expenses. We also incurred $1.3 million in other SG&A expenses in the second quarter of 2024. These expenses were both associated with our 2024 Restructuring Program. Refer to Note 13, Restructuring, for further discussion related to our restructuring programs.
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In addition to the above, our personnel expenses in the second quarter of 2025 included $3.9 million of severance and related personnel expenses from our 2025 Restructuring Program, and $0.4 million of other SG&A expenses resulting from the divestiture of our Europe Surface Transportation business. Our personnel expenses for the second quarter of 2024 included $9.5 million of severance and related personnel expenses. We also incurred $5.7 million of restructuring related other SG&A expenses in the second quarter of 2024. These expenses were both associated with our 2024 Restructuring Program. Refer to Note 13, Restructuring, and Note 14, Divestitures, for further discussion related to our restructuring programs and the divestiture of our Europe Surface Transportation business.
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In addition to the above, Global Forwarding personnel expenses for the first quarter of 2026 included $1.1 million of severance and related personnel expenses. We also incurred $1.4 million in other SG&A expenses the first quarter of 2026. These expenses were both associated with our 2025 Restructuring Program. Refer to Note 13, Restructuring, for further discussion related to our 2025 Restructuring Program.
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Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. Our adjusted operating margin - excluding restructuring is a similar non-GAAP financial measure as adjusted operating margin, but also excludes the impact of restructuring . We believe adjusted operating margin and adjusted operating margin - excluding restructuring are useful measures of our profitability in comparison to our adjusted gross profit, which we consider a primary performance metric as discussed above. The comparisons of operating margin to adjusted operating margin and adjusted operating margin - excluding restructuring are presented below:
Read in the filing ↗ Also in 8-K of Jul 31, 2024, 8-K of Nov 1, 2023, 8-K of Oct 30, 2024, 8-K of Jan 29, 2025, 8-K of Jan 28, 2026, 8-K of Jul 29, 2026, 8-K of Jul 30, 2025, 8-K of Oct 29, 2025, 8-K of Apr 29, 2026, 8-K of Apr 30, 2025
In addition to the above, personnel expenses for 2025 included $15.0 million of severance and related personnel expenses. We also incurred $1.2 million in other SG&A expenses in 2025. These expenses were both associated with our 2025 Restructuring Program. Personnel expenses for 2024 included $6.9 million of severance and related personnel expenses. We also incurred $4.7 million in other SG&A expenses in 2024. These expenses were both associated with our 2024 Restructuring Program. Refer to Note 14, Restructuring, for further discussion related to our 2025 and 2024 Restructuring Programs.
Read in the filing ↗ Also in 10-K of Feb 14, 2025
Global Forwarding personnel expenses in the third quarter of 2026 included $0.9 million of severance and related personnel expenses associated with our 2025 Restructuring Program. Global Forwarding personnel expenses for the third quarter of 2025 included $8.4 million of severance and related personnel expenses also associated with the same program. Refer to Note 13, Restructuring, for further discussion related to our 2025 Restructuring Program.
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In 2025, we recognized restructuring charges of $ 30.4 million primarily related to workforce reductions and related personnel expenses. We expect to incur restructuring charges of $ 50 million to $ 75 million in total over the duration of the 2025 Restructuring Program primarily related to severance and other personnel related costs and impairments related to the early termination or abandonment of facilities under operating leases. 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. Cash payments related to the 2025 Restructuring Program totaled $ 24.6 million in the twelve months ended December 31, 2025.
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Our personnel expenses in the second quarter of 2026 included $8.0 million of severance and related personnel expenses incurred in connection with our 2025 Restructuring Program. In addition, other SG&A expenses included a net $0.5 million gain driven by the favorable termination of an operating lease, also associated with the program. Refer to Note 13, Restructuring, for further discussion related to our 2025 Restructuring Program.
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Our personnel expenses for 2024 included $24.1 million of severance and related personnel expenses related to our 2024 Restructuring Program. We also incurred $66.2 million in other SG&A expenses in 2024. These expenses were primarily due to a $44.5 million loss related to the divestiture of our Europe Surface Transportation business and $21.9 million related to our 2024 Restructuring Program. Refer to Note 14, Restructuring, for further discussion related to our 2025 and 2024 Restructuring Programs. Refer to Note 15, Divestitures, for further discussion related to the divestiture of our Europe Surface Transportation business.
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NAST personnel expenses in the nine months ended September 30, 2026 included $19.8 million of severance and related personnel expenses associated with our 2025 Restructuring Program. Other SG&A expenses included $3.3 million of acquisition and restructuring related expenses. NAST personnel expenses in the nine months ended September 30, 2025 included $1.9 million of severance and related personnel expenses also associated with the 2025 Restructuring Program.
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Our personnel expenses for the third quarter of 2024 included $2.9 million of severance and related personnel expenses. We also incurred $1.6 million of restructuring related other SG&A expenses in the third quarter of 2024. These expenses were both primarily associated with our 2024 Restructuring Program. Our other SG&A expenses in the third quarter of 2024 also included a $57.0 million loss related to the divestiture of our Europe Transportation business. Refer to Note 13, Restructuring, and Note 14, Divestitures, for further discussion related to our restructuring programs and the divestiture of our Europe Surface Transportation business.
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(2) During the twelve months ended December 31, 2025, we recognized a $ 6.3 million impairment charge included in All Other and Corporate resulting from the execution of a sublease agreement on a portion of our Kansas City Regional Center. The impairment was determined by comparing the discounted cash flows of the head lease and sublease rental payments. All other right-of-use asset impairments were associated with restructuring initiatives. During the twelve months ended December 31, 2024, we recognized $ 12.0 million of impairments associated with restructuring initiatives. Refer to Note 14, Restructuring, for further discussion related to our restructuring programs.
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We recognized restructuring charges of $ 20.2 million in the three months ended March 31, 2026, primarily related to workforce reductions and related personnel expenses. We expect to incur restructuring charges of $ 50 million to $ 75 million in total between 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 $ 6.2 million of cash in the three months ended March 31, 2026 related to the 2025 Restructuring Program.
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In addition to the above, NAST personnel expenses in the six months ended June 30, 2025 included $0.7 million of severance and related personnel expenses related to our 2025 Restructuring Program. We also incurred $7.8 million of severance and related personnel expenses and $5.7 million of restructuring related other SG&A expenses in the six months ended June 30, 2024. These expenses were both associated with our 2024 Restructuring Program.
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In addition to the above, NAST personnel expenses in the nine months ended September 30, 2025 included $1.9 million of severance and related personnel expenses related to our 2025 Restructuring Program. We also incurred $9.0 million of severance and related personnel expenses and $6.2 million of restructuring related other SG&A expenses in the nine months ended September 30, 2024. These expenses were both associated with our 2024 Restructuring Program.
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We recognized restructuring charges of $ 3.9 million in the three and six months ended June 30, 2025 primarily related to workforce reductions and related personnel expenses. We expect to incur restructuring charges of $ 50 million to $ 75 million over the next three years 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 $ 1.0 million of cash related to the 2025 Restructuring Program in the three and six months ended June 30, 2025.
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In addition to the above, Global Forwarding personnel expenses for the third quarter of 2025 included $8.4 million of severance and related personnel expenses. We also incurred $0.1 million in other SG&A expenses the third quarter of 2025. These expenses were both associated with our 2025 Restructuring Program. Personnel expenses for the third quarter of 2024 included $0.5 million of severance and related personnel expenses. We also incurred $0.9 million in other SG&A expenses in the third quarter of 2024. These expenses were both associated with our 2024 Restructuring Program. Refer to Note 13, Restructuring, for further discussion related to our restructuring programs.
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We recognized restructuring charges of $ 9.9 million and $ 13.8 million in the three and nine months ended September 30, 2025, respectively, primarily related to workforce reductions and related personnel expenses. We expect to incur restructuring charges of $ 50 million to $ 75 million in total over the next three years 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 $ 8.6 million of cash in the nine months ended September 30, 2025 related to the 2025 Restructuring Program.
Read in the filing ↗ Also in 10-Q of Oct 30, 2026
We recognized restructuring charges of $ 7.5 million and $ 27.7 million in the three and six months ended June 30, 2026, respectively, primarily related to workforce reductions and related personnel expenses. We expect to incur restructuring charges of $ 50 million to $ 75 million in total between 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 $ 26.5 million of cash in the six months ended June 30, 2026 related to the 2025 Restructuring Program.
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Our personnel expenses for 2023 included $18.4 million of severance and related expenses related to our 2022 Restructuring Program. We also incurred $19.6 million of other SG&A expenses primarily related to the divestiture of our Argentina operations. Refer to Note 14, Restructuring, for further discussion related to our 2024 and 2022 Restructuring Programs. Refer to Note 15, Divestitures, for further discussion related to the divestiture of our Europe Surface Transportation business and Argentina operations.
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• Adjusted operating margin, excluding restructuring and loss on divestiture (1)
Read in the filing ↗ Also in 8-K of Jan 29, 2025
(unaudited, in thousands) Our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, and adjusted net income per share (diluted) are non- GAAP financial measures. Adjusted income (loss) from operations and adjusted net income per share (diluted) is calculated as income (loss) from operations, adjusted operating margin - excluding restructuring, and net income per share (diluted) excluding the impact of restructuring. The adjustments to net income per share (diluted) include restructuring-related costs and a foreign currency loss on divested operations. We believe that these measures provide useful information to investors and include them within our internal reporting to our chief operating decision maker. Accordingly, the discussion of our results of operations includes discussion on the changes in our adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, and adjusted net income per share (diluted). The reconciliation of income (loss) from operations to adjusted income (loss) from operations, adjusted operating margin - excluding restructuring, and net income per share (diluted) to adjusted income (loss) from operations and adjusted net income per share (diluted) is presented below (in thousands except per share data):
Read in the filing ↗ Also in 8-K of Jul 31, 2024, 8-K of Nov 1, 2023
Our personnel expenses in the third quarter of 2026 included $3.6 million of severance and related personnel expenses incurred in connection with our 2025 Restructuring Program. In addition, other SG&A expenses included $12.5 million of expense driven by the impairment charge on our Kansas City regional center lease that was also associated with the program and $2.9 million of acquisition-related expenses. Refer to Note 13, Restructuring, for further discussion related to our 2025 Restructuring Program.
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Personnel expenses in 2024, included $7.0 million of severance and related personnel expenses, primarily associated with our 2024 Restructuring Program. We also incurred $54.5 million of other SG&A expenses in 2024, that included a $44.5 million loss related to the divestiture of our Europe Surface Transportation business. Refer to Note 14, Restructuring, for further discussion related to our 2025 and 2024 Restructuring Programs. Refer to Note 15, Divestitures, for further discussion related to the divestiture of our Europe Surface Transportation business.
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All Other and Corporate personnel expenses in the third quarter of 2025 included $0.1 million of severance and related personnel expenses associated with our 2025 Restructuring Program. Other SG&A expenses also included net favorable post-closing working capital adjustments of $0.2 million resulting from the divestiture of our Europe Surface Transportation business. Refer to Note 13, Restructuring, for further discussion related to our 2025 Restructuring Program. Refer to Note 14, Divestitures, for further discussion related to the divestiture of our Europe Surface Transportation business.
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(2) During the six months ended June 30, 2025, we recognized a $ 6.3 million impairment charge related to our Kansas City regional center lease which is included in All Other and Corporate. The impairment resulted from the execution of a sublease agreement on a portion of the facility. The impairment was determined by comparing the discounted cash flows of the head lease and sublease rental payments. All other impairment charges were associated with restructuring initiatives. Refer to Note 13, Restructuring, for further discussion related to our restructuring programs.
Read in the filing ↗ Also in 10-Q of Jul 31, 2026
the favorable termination of an operating lease also associated with the program. Global Forwarding personnel expenses for the second quarter of 2025 included $2.6 million of severance and related personnel expenses also associated with the same program. Refer to Note 13, Restructuring, for further discussion related to our 2025 Restructuring Program.
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A summary of charges related to our 2024 Restructuring Program are presented below (in thousands):
Read in the filing ↗ Also in 10-K of Feb 14, 2025, 10-Q of Aug 1, 2025, 10-Q of Aug 1, 2025, 10-Q of Oct 31, 2025, 10-Q of Oct 31, 2025, 10-K of Feb 13, 2026, 10-K of Feb 13, 2026, 10-K of Feb 13, 2026, 10-Q of May 1, 2026, 10-Q of Jul 31, 2026
A summary of charges related to our 2025 Restructuring Program is presented below (in thousands):
Read in the filing ↗
(2) During the nine months ended September 30, 2025, we recognized a $ 6.3 million impairment charge related to our Kansas City regional center lease which is included in All Other and Corporate. The impairment resulted from the execution of a sublease agreement on a portion of the facility. The impairment was determined by comparing the discounted cash flows of the head lease and sublease rental payments. All other right-of use asset impairment charges were associated with restructuring initiatives. Refer to Note 13, Restructuring, for further discussion related to our restructuring programs.
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Personnel expenses in the third quarter of 2024 included $1.2 million of severance and related personnel expenses primarily associated with our 2024 Restructuring Program. We also incurred $57.1 million of other SG&A expenses in the third quarter of 2024 that included a $57.0 million loss related to the divestiture of our Europe Surface Transportation business. Refer to Note 13, Restructuring, for further discussion related to our 2025 and 2024 Restructuring Programs. Refer to Note 14, Divestitures, for further discussion related to the divestiture of our Europe Surface Transportation business.
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(2) During the three months ended March 31, 2025, we recognized a $ 6.3 million impairment charge related to our Kansas City regional center lease which is included in All Other and Corporate. The impairment resulted from the execution of a sublease agreement on a portion of the facility. The impairment was determined by comparing the discounted cash flows of the head lease and sublease rental payments. All other right-of use asset impairment charges were associated with restructuring initiatives. Refer to Note 13, Restructuring, for further discussion related to our restructuring programs.
Read in the filing ↗