Restructuring, Impairment and Other Charges, net

3 Months Ended

Mar. 31, 2023

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.

For the three months ended March 31, 2023 and 2022, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:

	Employee Terminations			Other Charges		Total
Three Months Ended March 31, 2023
Capital Markets - Software Solutions	$	2.0		$	—	$	2.0
Capital Markets - Compliance and Communications Management		8.2			0.1		8.3
Investment Companies - Software Solutions		(0.1	)		—		(0.1	)
Investment Companies - Compliance and Communications Management		0.2			—		0.2
Corporate		0.5			—		0.5
Total	$	10.8		$	0.1	$	10.9

	Employee Terminations		Other Charges		Total
Three Months Ended March 31, 2022
Capital Markets - Software Solutions	$	0.8	$	—	$	0.8
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		0.4		—		0.4
Corporate		—		0.1		0.1
Total	$	1.6	$	0.2	$	1.8

For the three months ended March 31, 2023, the Company recorded net restructuring charges of $10.8 million related to employee termination costs for approximately 150 employees, substantially all of whom will be terminated by December 31, 2023. The restructuring actions were primarily related to reorganization of certain capital markets operations.

For the three months ended March 31, 2022, the Company recorded net restructuring charges of $1.6 million related to employee termination costs for approximately 60 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.

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 three months ended March 31, 2023 were as follows:

	Employee Terminations
Balance at December 31, 2022	$	5.1
Restructuring charges		10.9
Reversals of restructuring charges		(0.1	)
Cash paid		(2.6	)
Balance at March 31, 2023	$	13.3