Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

20. Subsequent Event

On May 6, 2025, the Audit Committee of the Board of Directors of the Company approved a fifteen-month restructuring program (the “Post-Separation Plan” or “PSP”) intended to further optimize our operations following the sale of the Divested Business in July 2024. The PSP includes simplifying our post-divestiture operating model, rationalizing our technology spend, expanding our use of artificial intelligence and automation and continued optimization of real estate. The Company currently expects to record in the aggregate approximately $65 million in pre-tax restructuring costs over the duration of the PSP, which includes primarily cash severance payments with an estimated range of $20 million to $30 million and other restructuring cash payments and charges related to technology spend, professional services and optimization of real estate with an estimated range of $25 million to $35 million. The Company estimates an annual savings of over $75 million after the PSP is completed. The PSP is expected to commence in the second quarter of 2025 and to be substantially completed over the estimated fifteen-month period.