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Restructuring and Reorganization Charges | 9 Months Ended
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Sep. 30, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Reorganization Charges | 6. RESTRUCTURING AND REORGANIZATION CHARGES During the third quarters of 2023 and 2022, we recorded restructuring and reorganization charges of $1.2 million and $14.2 million, respectively, and for the nine months ended September 30, 2023 and 2022, we recorded restructuring and reorganization charges of $8.4 million and $46.3 million, respectively. During the nine months ended September 30, 2023 we implemented the following restructuring and reorganizational activities: • In March 2023, we decided to dissolve the Keydok business, which we had acquired in September of 2021. As a result, we recorded net impairment charges of $1.2 million, to include the write-off of the acquired goodwill. We also subsequently terminated approximately 30 Mexico-based employees, which resulted in restructuring charges related to involuntary terminations of $1.6 million. • We reduced our workforce by approximately 82 employees, mainly in the U.S., as a result of organizational changes and efficiencies. As a result, we incurred restructuring charges related to involuntary terminations of $2.2 million. • We modified three of our real estate leases, at previously closed locations in India and the United States, resulting in earlier termination dates and the recognition of a $4.3 million gain. We also recorded $0.5 million of additional operating lease right-of-use asset impairments. • During the second quarter of 2023 we exited a reseller agreement that was acquired with the acquisition of Forte Payment Systems, Inc. in 2018. As a result, we incurred expense of $3.6 million, of which $1.8 million has been paid and $1.8 million was accrued as of September 30, 2023. The activity in the restructuring and reorganization reserves during the nine months ended September 30, 2023 was as follows (in thousands):
|  | Termination Benefits |  |  | Other |  |  | Total |
January 1, 2023, balance |  | $ | 2,491 |  |  | $ | - |  |  | $ | 2,491 |
Charged to expense during period |  |  | 3,801 |  |  |  | 4,620 |  |  |  | 8,421 |
Cash payments |  |  | (6,570 | ) |  |  | (4,407 | ) |  |  | (10,977 | )
Adjustment for asset impairment |  |  | - |  |  |  | (1,675 | ) |  |  | (1,675 | )
Adjustment for gain on lease modifications |  |  | - |  |  |  | 4,349 |  |  |  | 4,349 |
Adjustment for accelerated depreciation |  |  | - |  |  |  | (394 | ) |  |  | (394 | )
Other |  |  | 688 |  |  |  | - |  |  |  | 688 |
September 30, 2023, balance |  | $ | 410 |  |  | $ | 2,493 |  |  | $ | 2,903 |
As of September 30, 2023, $2.9 million of the restructuring and reorganization reserves were included in current liabilities.

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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 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: 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 Reference 5: 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 + Details
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