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RESTRUCTURING EXPENSES | 3 Months Ended
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Mar. 31, 2025
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 has incurred aggregate expenses of $44.2 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 and a third party service and marketing agreement, employee severance within Progressive Leasing, and operating lease right-of-use ("ROU") 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 space. 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. The Company did not have any significant restructuring expenses during the three months ended March 31, 2025. The following tables summarize restructuring charges recorded within operating expenses in the condensed consolidated statements of earnings for the three months ended March 31, 2024:
| Three Months Ended March 31, 2024
(In Thousands) | Progressive Leasing | Vive | Other | Total
Severance | $ | 4,106 |  | $ | — |  | $ | — |  | $ | 4,106 |
Right-of-Use Asset Impairment 1 | 4,515 |  | — |  | — |  | 4,515 |
Property and Equipment Impairment | 1,503 |  | — |  | — |  | 1,503 |
Early Contract Termination Costs | 7,750 |  | — |  | — |  | 7,750 |
Other Restructuring Activities | 140 |  | — |  | — |  | 140 |
Total Restructuring Expenses | $ | 18,014 |  | $ | — |  | $ | — |  | $ | 18,014 |
1 To determine the amount of impairment for vacated office space, the fair value of the right-of-use asset is calculated based on the present value of the estimated net cash flows related to the right-of-use asset. The following table summarizes the accrual and payment activity related to the restructuring program for the three months ended March 31, 2025 and 2024:
(In Thousands) | Severance | Early Contract Termination Costs | Other Restructuring Activities | Total
Balance at December 31, 2024 | $ | 2,325 |  | $ | 1,600 |  | $ | — |  | $ | 3,925 |
Charges | 1 |  | — |  | 5 |  | 6 |
Cash Payments | (246) |  | — |  | (5) |  | (251) |
Balance at March 31, 2025 | $ | 2,080 |  | $ | 1,600 |  | $ | — |  | $ | 3,680 |
(In Thousands) | Severance | Early Contract Termination Costs | Other Restructuring Activities | Total
Balance at December 31, 2023 | $ | 2,675 |  | $ | 2,500 |  | $ | — |  | $ | 5,175 |
Charges | 4,106 |  | 7,750 |  | 140 |  | 11,996 |
Cash Payments | (4,608) |  | (10,250) |  | (110) |  | (14,968) |
Balance at March 31, 2024 | $ | 2,173 |  | $ | — |  | $ | 30 |  | $ | 2,203 |

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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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