v3.25.4
Restructuring, Impairment and Other Charges, net
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring, Impairment and Other Charges, net

Note 6. Restructuring, Impairment and Other Charges, net

Restructuring, Impairment and Other Charges, net recognized in Results of Operations

For the year ended December 31, 2025, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:

 

 

Employee Terminations

 

 

Impairment Charges

 

 

Other Charges

 

 

Total

 

Capital Markets - Software Solutions

 

$

0.9

 

 

$

—

 

 

$

—

 

 

$

0.9

 

Capital Markets - Compliance and Communications Management

 

 

2.7

 

 

 

3.9

 

 

 

0.1

 

 

 

6.7

 

Investment Companies - Software Solutions

 

 

1.3

 

 

 

—

 

 

 

—

 

 

 

1.3

 

Investment Companies - Compliance and Communications Management

 

 

0.7

 

 

 

—

 

 

 

0.1

 

 

 

0.8

 

Corporate

 

 

0.5

 

 

 

—

 

 

 

0.2

 

 

 

0.7

 

Total

 

$

6.1

 

 

$

3.9

 

 

$

0.4

 

 

$

10.4

 

For the year ended December 31, 2025, the Company recorded net restructuring charges of $6.1 million related to employee termination costs for approximately 90 employees, the majority of whom were terminated as of December 31, 2025. The restructuring actions were primarily related to the reorganization of certain capital markets and investment companies operations. For the year ended December 31, 2025, the Company also recorded $3.9 million of impairment charges related to certain software assets.

For the year ended December 31, 2024, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:

 

 

Employee Terminations

 

 

Impairment Charges

 

 

Other Charges

 

 

Total

 

Capital Markets - Software Solutions

 

$

0.6

 

 

$

—

 

 

$

—

 

 

$

0.6

 

Capital Markets - Compliance and Communications Management

 

 

2.4

 

 

 

0.6

 

 

 

0.3

 

 

 

3.3

 

Investment Companies - Software Solutions

 

 

0.5

 

 

 

—

 

 

 

—

 

 

 

0.5

 

Investment Companies - Compliance and Communications Management

 

 

0.6

 

 

 

—

 

 

 

—

 

 

 

0.6

 

Corporate

 

 

1.4

 

 

 

—

 

 

 

0.2

 

 

 

1.6

 

Total

 

$

5.5

 

 

$

0.6

 

 

$

0.5

 

 

$

6.6

 

For the year ended December 31, 2024, the Company recorded net restructuring charges of $5.5 million related to employee termination costs for approximately 70 employees, substantially all of whom were terminated as of December 31, 2024. The restructuring actions were primarily related to the reorganization of certain capital markets operations and certain changes in management structure.

For the year ended December 31, 2023, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:

 

 

Employee Terminations

 

 

Other Restructuring Charges

 

 

Impairment Charges

 

 

Other Charges

 

 

Total

 

Capital Markets - Software Solutions

 

$

2.7

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2.7

 

Capital Markets - Compliance and Communications Management

 

 

4.9

 

 

 

0.1

 

 

 

0.1

 

 

 

0.2

 

 

 

5.3

 

Investment Companies - Software Solutions

 

 

0.6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.6

 

Investment Companies - Compliance and Communications Management

 

 

0.1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

Corporate

 

 

0.9

 

 

 

—

 

 

 

—

 

 

 

0.2

 

 

 

1.1

 

Total

 

$

9.2

 

 

$

0.1

 

 

$

0.1

 

 

$

0.4

 

 

$

9.8

 

For the year ended December 31, 2023, the Company recorded net restructuring charges of $9.2 million related to employee termination costs for approximately 170 employees, substantially all of whom were terminated as of December 31, 2023. The restructuring actions were primarily related to the reorganization of certain capital markets operations.

Restructuring Reserve – Employee Terminations

The Company’s employee terminations liability is included in accrued liabilities on the Company’s audited Consolidated Balance Sheets. Changes in the accrual for employee terminations during the years ended December 31, 2025 and 2024 were as follows:

 

 

December 31,

 

 

 

2025

 

 

2024

 

Balance, beginning of year

 

$

1.8

 

 

$

2.1

 

Restructuring charges, net

 

 

6.1

 

 

 

5.6

 

Cash paid

 

 

(5.7

)

 

 

(5.8

)

Other

 

 

—

 

 

 

(0.1

)

Balance, end of year

 

$

2.2

 

 

$

1.8