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Restructuring Activities | 9 Months Ended
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Sep. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring Activities | Restructuring Activities Beginning in 2022, the Company enacted certain workforce reductions, wound down Modus Technologies, Inc., terminated certain of its operating leases and took actions to reduce its occupancy costs, the most significant being the scaling down of its New York administrative office. The workforce reductions were part of a broader plan by the Company to take meaningful actions to improve the alignment between the Company’s organizational structure and its long-term business strategy, drive cost efficiencies enabled by the Company’s technology and other competitive advantages and continue to drive toward profitability and positive free cash flow. The lease termination costs were recognized as a result of the accelerated amortization of various right-of-use assets and other lease-related costs. These expenses have been presented within the Restructuring costs line in the condensed consolidated statements of operations. The Company incurred additional non-cash charges during the three and nine months ended September 30, 2024 and 2023 associated with the write-down of fixed assets for certain real estate leases that have been exited, or partially exited. These costs have been included within the Depreciation and amortization line in the condensed consolidated statements of operations. The following table summarizes the total costs incurred in connection with the Company's restructuring activities taken during the three and nine months ended September 30, 2024 and 2023 (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Severance related personnel costs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8.9 |
Lease termination costs |  | 1.7 |  |  | 1.7 |  |  | 7.5 |  |  | 18.8 |
Accelerated depreciation |  | 0.1 |  |  | — |  |  | 1.9 |  |  | 5.3 |
Total expense |  | $ | 1.8 |  |  | $ | 1.7 |  |  | $ | 9.4 |  |  | $ | 33.0 |
The total costs incurred in connection with the Company's restructuring activities taken during the three and nine months ended September 30, 2024 and 2023 were included in the condensed consolidated statements of operations as follows (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Restructuring costs |  | $ | 1.7 |  |  | $ | 1.7 |  |  | $ | 7.5 |  |  | $ | 27.7 |
Depreciation and amortization |  | 0.1 |  |  | — |  |  | 1.9 |  |  | 5.3 |
Total expense |  | $ | 1.8 |  |  | $ | 1.7 |  |  | $ | 9.4 |  |  | $ | 33.0 |
The following table summarizes the estimated timing of the Company's future lease and lease-related payments, net of amounts contractually subleased, related to restructuring activities as of September 30, 2024 (in millions):
|  | Payment Due by Period
Remaining 2024 |  | $ | 5.5 |
2025 |  | 11.4 |
2026 |  | 7.0 |
2027 |  | 5.7 |
Thereafter |  | 7.7 |
Total |  | $ | 37.3 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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