XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.23.3

Restructuring Costs and Other Charges and Credits | 9 Months Ended
--- | ---
Sep. 30, 2023
Restructuring and Related Activities [Abstract] |
Restructuring Costs and Other Charges and Credits | Restructuring Costs and Other Charges and Credits Restructuring and Reorganization In January of 2023, we announced a strategic restructuring and reorganization of the Company that will further leverage our strong position in the U.S. television ecosystem and propel our growth across new distribution platforms and emerging media marketplaces. The restructuring aims to create a leaner and more agile operating structure through the centralization of certain services and the consolidation of layers of management across our operating businesses and corporate office. We currently anticipate this effort will result in at least $40 million in annual savings, which will include reductions in a variety of areas. Restructuring costs totaled $4.7 million in the third quarter of 2023 and $29.2 million in the first nine months of 2023. In connection with the shutdown of the TrueReal network, we incurred a $13.6 million first quarter charge related to the write-down of certain programming assets. Year-to-date restructuring costs also include employee severance related charges of $8.9 million, operating lease impairment charges of $1.1 million and other restructuring charges primarily attributed to strategic reorganization consulting fees.
(in thousands) |  | Severance and Employee Benefits |  | Other Restructuring Charges |  | Total
Liability as of December 31, 2022 |  | $ | — |  |  | $ | — |  |  | $ | — |
Net charges |  | 8,887 |  |  | 20,321 |  |  | 29,208 |
Payments |  | (5,001) |  |  | (4,441) |  |  | (9,442) |
Non-cash (a) |  | (593) |  |  | (14,685) |  |  | (15,278) |
Liability as of September 30, 2023 |  | $ | 3,293 |  |  | $ | 1,195 |  |  | $ | 4,488 |
(a) Represents share-based compensation costs and asset write-downs included in restructuring charges. Other Charges and Credits Acquisition and related integration costs were $1.6 million in the first nine months of 2022. During the first quarter of 2022, we redeemed $42.2 million of the 2027 Senior Notes, $26.6 million of the 2029 Senior Notes and $54.5 million of the 2031 Senior Notes. The redemptions resulted in a gain on extinguishment of debt of $1.2 million as the notes were redeemed for total consideration below par value of the notes.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
Name: | us-gaap_RestructuringImpairmentAndOtherActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration