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

For the year ended December 31, 2022, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:


	Employee Terminations		Other Restructuring Charges		Impairment Charges		Other Charges		Total
Year Ended December 31, 2022
Capital Markets - Software Solutions	$	1.5	$	—	$	—	$	—	$	1.5
Capital Markets - Compliance and Communications Management		3.5		—		—		0.2		3.7
Investment Companies - Software Solutions		0.5		—		—		—		0.5
Investment Companies - Compliance and Communications Management		1.0		0.4		—		—		1.4
Corporate		0.3		—		0.1		0.2		0.6
Total	$	6.8	$	0.4	$	0.1	$	0.4	$	7.7

For the year ended December 31, 2022, the Company recorded net restructuring charges of $6.8 million related to employee termination costs for approximately 130 employees, substantially all of whom were terminated as of December 31, 2022. The restructuring actions were primarily related to the reorganization of certain capital markets operations and the relocation of a digital print facility.

For the year ended December 31, 2021, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:


	Employee Terminations		Other Restructuring Charges		Impairment Charges		Other Charges		Total
Year Ended December 31, 2021
Capital Markets - Software Solutions	$	0.4	$	—	$	—	$	—	$	0.4
Capital Markets - Compliance and Communications Management		0.5		—		2.8		0.2		3.5
Investment Companies - Software Solutions		0.1		—		—		—		0.1
Investment Companies - Compliance and Communications Management		2.1		0.8		—		—		2.9
Corporate		0.3		—		6.4		—		6.7
Total	$	3.4	$	0.8	$	9.2	$	0.2	$	13.6

For the year ended December 31, 2021, the Company recorded net restructuring charges of $3.4 million related to employee termination costs for approximately 175 employees, 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.

For the year ended December 31, 2021, the Company recorded $9.2 million of impairment charges, primarily related to a partial impairment of an investment in equity securities and the demolition of an office building, as further described in Note 1, Overview, Basis of Presentation and Significant Accounting Policies.

For the year ended December 31, 2020, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:


	Employee Terminations		Impairment Charges		Other Charges		Total
Year Ended December 31, 2020
Capital Markets - Software Solutions	$	1.0	$	—	$	—	$	1.0
Capital Markets - Compliance and Communications Management		5.8		16.1		0.3		22.2
Investment Companies - Software Solutions		0.4		2.6		—		3.0
Investment Companies - Compliance and Communications Management		5.6		40.6		—		46.2
Corporate		2.8		1.3		2.7		6.8
Total	$	15.6	$	60.6	$	3.0	$	79.2

For the year ended December 31, 2020, the Company recorded net restructuring charges of $15.6 million related to employee termination costs for approximately 470 employees, substantially all of whom were terminated as of December 31, 2020. The restructuring actions were the result of the implementation of SEC Rule 30e-3 and amendments to SEC Rule 498A, both of which significantly reduced print volumes beginning January 1, 2021, and the reorganization of certain capital markets operations and selling and administrative functions.

As a result of the Company’s annual goodwill impairment test in the fourth quarter of 2020, the Company recorded a $40.6 million non-cash charge during the year ended December 31, 2020 to recognize the impairment of goodwill in the IC-CCM reporting unit. The goodwill impairment charge resulted from a reduction in the estimated fair value of the IC-CCM reporting unit due to lower expectations for future sales and profitability, primarily driven by an increase in the estimated shift of future revenues from IC-CCM to software solutions. The goodwill impairment charge was determined using Level 3 inputs, including a discounted cash flow analysis, comparable marketplace fair value data and management’s assumptions.

In addition, the Company abandoned certain operating leases during the year ended December 31, 2020 with the intent to sublease. As the fair value of the ROU assets was less than the carrying value, the Company recognized impairments of ROU assets of $18.2 million during the year ended December 31, 2020, reducing the carrying value of the ROU assets to an estimated combined fair value of $0.3 million subsequent to the impairments. The fair value of these assets was estimated utilizing inputs from market comparables in order to estimate future cash flows expected from sublease income over the remaining lease terms. Future changes in the estimated amount or timing of sublease arrangements could result in further impairment charges. For the year ended December 31, 2020, the Company recorded $1.8 million of net impairment charges related to certain software assets.

For the year ended December 31, 2020, the Company also incurred $3.0 million of other charges, primarily related to the realignment of the Company’s operating segments in 2020.

The Company’s employee terminations liability is included in accrued liabilities in the Company’s audited Consolidated Balance Sheets. The other restructuring reserves as of December 31, 2022 and 2021 were not material.

Changes in the accrual for employee terminations during the years ended December 31, 2022 and 2021 were as follows:


	December 31,
	2022			2021
Balance, beginning of year	$	2.4		$	8.5
Restructuring charges		7.1			3.4
Reversals of restructuring charges		(0.3	)		—
Cash paid		(4.1	)		(9.5	)
Balance, end of year	$	5.1		$	2.4