v3.25.2
Restructuring, Impairment and Other Charges, net
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring, Impairment and Other Charges, net

Note 5. Restructuring, Impairment and Other Charges, net

Restructuring, Impairment and Other Charges, net recognized in Results of Operations

The Company records restructuring charges associated with management-approved restructuring plans, which could include the elimination of job functions, closure or relocation of facilities, reorganization of operations, changes in management structure, workforce reductions or other actions. Restructuring charges may include ongoing and enhanced termination benefits related to employee separations, contract termination costs and other related costs associated with exit or disposal activities. Restructuring charges for employee terminations include management’s estimate as to the timing and amount of severance and actual results could differ from estimates.

For the three months ended June 30, 2025 and 2024, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:

 

 

Employee Terminations

 

 

Other Charges

 

 

Total

 

Three Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

Capital Markets - Compliance and Communications Management

 

$

0.3

 

 

$

—

 

 

$

0.3

 

Investment Companies - Software Solutions

 

 

0.2

 

 

 

—

 

 

 

0.2

 

Investment Companies - Compliance and Communications Management

 

 

0.4

 

 

 

—

 

 

 

0.4

 

Corporate

 

 

—

 

 

 

0.1

 

 

 

0.1

 

Total

 

$

0.9

 

 

$

0.1

 

 

$

1.0

 

 

 

 

Employee Terminations

 

 

Other Charges

 

 

Total

 

Three Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

Capital Markets - Software Solutions

 

$

0.3

 

 

$

—

 

 

$

0.3

 

Capital Markets - Compliance and Communications Management

 

 

0.8

 

 

 

—

 

 

 

0.8

 

Investment Companies - Compliance and Communications Management

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Corporate

 

 

—

 

 

 

0.1

 

 

 

0.1

 

Total

 

$

1.2

 

 

$

0.1

 

 

$

1.3

 

For the six months ended June 30, 2025 and 2024, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:

 

 

Employee Terminations

 

 

Other Charges

 

 

Total

 

Six Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

Capital Markets - Software Solutions

 

$

0.6

 

 

$

—

 

 

$

0.6

 

Capital Markets - Compliance and Communications Management

 

 

1.7

 

 

 

0.1

 

 

 

1.8

 

Investment Companies - Software Solutions

 

 

0.6

 

 

 

—

 

 

 

0.6

 

Investment Companies - Compliance and Communications Management

 

 

0.5

 

 

 

—

 

 

 

0.5

 

Corporate

 

 

0.3

 

 

 

0.1

 

 

 

0.4

 

Total

 

$

3.7

 

 

$

0.2

 

 

$

3.9

 

 

 

 

Employee Terminations

 

 

Other Charges

 

 

Total

 

Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

Capital Markets - Software Solutions

 

$

0.3

 

 

$

—

 

 

$

0.3

 

Capital Markets - Compliance and Communications Management

 

 

1.3

 

 

 

0.1

 

 

 

1.4

 

Investment Companies - Software Solutions

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Investment Companies - Compliance and Communications Management

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Corporate

 

 

1.1

 

 

 

0.1

 

 

 

1.2

 

Total

 

$

2.9

 

 

$

0.2

 

 

$

3.1

 

For the three months ended June 30, 2025, the Company recorded net restructuring charges of $0.9 million related to employee termination costs for approximately 10 employees, substantially all of whom are expected to be terminated by December 31, 2025. For the six months ended June 30, 2025, the Company recorded net restructuring charges of $3.7 million related to employee termination costs for approximately 50 employees, substantially all of whom are expected to be terminated by December 31, 2025. The restructuring actions were primarily related to the reorganization of certain capital markets and investment companies operations.

For the three months ended June 30, 2024, the Company recorded restructuring charges of $1.2 million related to employee termination costs for approximately 20 employees, all of whom were terminated as of December 31, 2024. For the six months ended June 30, 2024, the Company recorded restructuring charges of $2.9 million related to employee termination costs for approximately 30 employees, all of whom were terminated as of December 31, 2024. The restructuring actions were primarily related to the reorganization of certain capital markets operations.

Restructuring Reserve – Employee Terminations

The Company’s employee terminations liability is included in accrued liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets. Changes in the accrual for employee terminations during the six months ended June 30, 2025 were as follows:

 

 

Employee Terminations

 

Balance at December 31, 2024

 

$

1.8

 

Restructuring charges, net

 

 

3.7

 

Cash paid

 

 

(4.4

)

Balance at June 30, 2025

 

$

1.1