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DIVESTITURES

12 Months Ended

Dec. 31, 2024

Business Combinations [Abstract]

DIVESTITURES

Over the past three years, we made strategic decisions to exit certain businesses and dispose of other assets. We believe these actions enable us to concentrate our resources on our growth businesses, while optimizing our operations. Revenue generated by the exited businesses is reported as All Other in the business segment results presented in Note 17.

Business exits and asset sales were as follows for the years ended December 31:

(in thousands)						Gain on sale of businesses and long-lived assets						Proceeds from sale of businesses and long-lived assets
2024:
Payroll and human resources services business						$	30,207					$	23,295
Small business distributor customer list(1)						1,000						—
Total 2024						$	31,207					$	23,295
2023:
North American web hosting and logo design businesses – June 2023(2)						$	17,486					$	27,880
Payroll and human resources services business						10,700						15,669
Two facilities						3,792						8,094
Other						443						1,992
Total 2023						$	32,421					$	53,635
2022:
Australian web hosting business – May 2022(1)						$	15,166					$	16,119
Strategic sourcing and retail packaging businesses – April and August 2022(2)						1,804						$	2,200
Facility						2,361						6,929
Total 2022						$	19,331					$	25,248

(1) A note receivable was executed in conjunction with this sale. No cash proceeds were received.

(2) The assets and liabilities sold were not material to our consolidated balance sheets.

Exit from payroll and human resources services business – In September and December 2023, we executed agreements to transition our U.S. and Canadian payroll and human resources services customers to other service providers. The recognition of income from this business exit was based on the timing of customer conversion and retention activities, which were substantially completed during 2024. We expect to receive the remaining cash proceeds during the first quarter of 2025.

Our U.S. and Canadian payroll and human resources services business comprised a reporting unit that had a goodwill balance of $7,743 as of December 31, 2023. In conjunction with our phased transition out of this businesses, we determined that this goodwill was fully impaired during 2024, and we recorded pretax goodwill impairment charges of $7,743.

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- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 805
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805/tableOfContent

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- References

No definition available.

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