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RESTRUCTURING EXPENSES
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
RESTRUCTURING EXPENSES RESTRUCTURING EXPENSES
During 2022, the Company initiated restructuring activities intended to reduce expenses, consolidate certain segment corporate headquarters, and align the cost structure of the business with the Company's near-term revenue outlook. The Company continued such activities during 2023 and recorded restructuring expenses of $12.5 million for the year ended December 31, 2023, resulting in aggregate expenses of $21.5 million since the inception of the restructuring activities in 2022. These costs were primarily comprised of early contract termination costs related to certain independent sales agreements, employee severance within Progressive Leasing, and operating lease right-of-use asset impairment charges related to the relocation of the Vive corporate headquarters to the Company's corporate office building and a reduction of management and information technology office space.
The following tables summarize restructuring charges recorded within operating expenses in the consolidated statements of earnings for the years ended ended December 31, 2023 and 2022:
Year Ended December 31, 2023Year Ended December 31, 2022
(In Thousands)Progressive LeasingViveOtherTotalProgressive LeasingViveOtherTotal
Severance$2,958 $— $— $2,958 $5,611 $— $— $5,611 
Right-of-Use Asset Impairment— — — — 2,285 655 — 2,940 
Property and Equipment Impairment— — — — 309 3 — 312 
Other Restructuring Activities1
9,575 — — 9,575 138 — — 138 
Total Restructuring Expenses$12,533 $— $— $12,533 $8,343 $658 $— $9,001 
1 Other Restructuring Activities for the year ended December 31, 2023 are primarily early contract termination costs related to certain independent sales agreements.
The following table summarizes the accrual and payment activity related to the restructuring program for the years ended December 31, 2023 and 2022:
(In Thousands)Severance Other Restructuring ActivitiesTotal
Balance at December 31, 2021$— $— $— 
Charges5,611 138 5,749 
Cash Payments(2,550)(96)(2,646)
Balance at December 31, 20223,061 42 3,103 
Charges2,958 9,575 12,533 
Cash Payments(3,344)(7,117)(10,461)
Balance at December 31, 2023$2,675 $2,500 $5,175 
On January 25, 2024, the Company announced that it had taken several restructuring actions that are expected to result in annual pre-tax savings. In connection with these actions, the Company estimates that it will incur approximately $18 to $21 million of restructuring charges, substantially all of which are expected to be incurred by the end of the first quarter of 2024. These estimated charges consist primarily of costs related to the early termination of an independent sales agent agreement, office space reduction and consolidation, and one-time severance payments and other termination benefits involving a reduction in Progressive Leasing's workforce. In connection with the cost reduction initiatives, the Company expects that substantially all charges will be cash expenditures.
The estimated charges that the Company expects to incur are subject to a number of assumptions, and actual amounts may differ materially from such estimates. The Company may also incur additional charges not currently contemplated due to unanticipated events that may occur, including potential costs incurred in connection with the implementation of the cost reduction initiatives.
The Company will continue to monitor the impacts of changes in macroeconomic conditions on its businesses and may take additional steps to further adjust the Company's cost structure based on unfavorable changes in these conditions, which may result in further restructuring charges in future periods.