Restructuring, Impairment and Other Charges

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring, Impairment and Other Charges

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.

For the three months ended June 30, 2022 and 2021, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:

	Employee Terminations			Other Restructuring Charges		Total
Three Months Ended June 30, 2022
Capital Markets - Software Solutions	$	0.2		$	—	$	0.2
Investment Companies - Compliance and Communications Management		(0.3	)		0.1		(0.2	)
Corporate		0.2			—		0.2
Total	$	0.1		$	0.1	$	0.2

	Employee Terminations		Other Charges		Total
Three Months Ended June 30, 2021
Capital Markets - Software Solutions	$	0.1	$	—	$	0.1
Capital Markets - Compliance and Communications Management		0.5		0.1		0.6
Investment Companies - Software Solutions		0.1		—		0.1
Investment Companies - Compliance and Communications Management		1.9		—		1.9
Corporate		0.1		—		0.1
Total	$	2.7	$	0.1	$	2.8

For the six months ended June 30, 2022 and 2021, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:

	Employee Terminations		Other Restructuring Charges		Other Charges		Total
Six Months Ended June 30, 2022
Capital Markets - Software Solutions	$	1.0	$	—	$	—	$	1.0
Capital Markets - Compliance and Communications Management		0.3		—		0.1		0.4
Investment Companies - Software Solutions		0.1		—		—		0.1
Investment Companies - Compliance and Communications Management		0.1		0.1		—		0.2
Corporate		0.2		—		0.1		0.3
Total	$	1.7	$	0.1	$	0.2	$	2.0

	Employee Terminations		Other Restructuring Charges		Other Charges		Total
Six Months Ended June 30, 2021
Capital Markets - Software Solutions	$	0.1	$	—	$	—	$	0.1
Capital Markets - Compliance and Communications Management		0.5		—		0.1		0.6
Investment Companies - Software Solutions		0.1		—		—		0.1
Investment Companies - Compliance and Communications Management		2.0		0.6		—		2.6
Corporate		0.2		—		—		0.2
Total	$	2.9	$	0.6	$	0.1	$	3.6

For the six months ended June 30, 2022, the Company recorded net restructuring charges of $1.7 million related to employee termination costs for approximately 70 employees, the majority of whom will be terminated by December 31, 2022. The restructuring actions were primarily related to the reorganization of certain capital markets software operations and the relocation of a digital print facility.

For the three and six months ended June 30, 2021, the Company recorded net restructuring charges of $2.7 million and $2.9 million, respectively, for employee termination costs for approximately 170 employees for both the three and six months ended June 30, 2021, substantially all of whom were terminated as of December 31, 2021. The restructuring actions were primarily the result of the implementation of SEC Rule 30e-3 and amendments to SEC Rule 498A.

Restructuring Reserve – Employee Terminations

The Company’s employee terminations liability is included in accrued liabilities in the Company’s Unaudited Condensed Consolidated Balance Sheets. Changes in the accrual for employee terminations during the six months ended June 30, 2022, were as follows:

	December 31, 2021		Restructuring Charges		Reversals			Cash Paid			June 30, 2022
Employee terminations	$	2.4	$	2.0	$	(0.3	)	$	(0.9	)	$	3.2