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RESTRUCTURING CHARGE

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING CHARGE

RESTRUCTURING CHARGE

During the three and six months ended June 30, 2024, the Company recognized restructuring charges of $20 and $809, respectively, primarily related to reorganization and consolidation activities in the Communications segment and Consumer Products segment, which consisted of reductions in workforce.

During the three and six months ended June 30, 2023, the Company recognized restructuring charges of $628 and $721, respectively, primarily related to reorganization and consolidation activities in the Wealth Management segment, Communications segment, and Consumer Products segment, which consisted of reductions in workforce and facility closures.

The following tables summarize the changes in accrued restructuring charge during the three and six months ended months ended June 30, 2024 and 2023:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Balance, beginning of period			$	1,467					$	1,996					$	2,542					$	2,335
Restructuring charge			20						628						809						721
Cash paid			(482)						(929)						(2,317)						(1,367)
Non-cash items			42						97						13						103
Balance, end of period			$	1,047					$	1,792					$	1,047					$	1,792

The following table summarizes the restructuring activities by reportable segment during the three months ended June 30, 2024 and 2023.

			Wealth Management						Communications						Consumer Products						Total
Restructuring charges for the three months ended June 30, 2024:
Employee termination			$	—					$	—					$	20					$	20
Total restructuring charge			$	—					$	—					$	20					$	20
Restructuring charges for the three months ended June 30, 2023:
Employee termination			$	—					$	197					$	403					$	600
Facility closure and consolidation			28						—						—						28
Total restructuring charge			$	28					$	197					$	403					$	628

The following table summarizes the restructuring activities by reportable segment during the six months ended June 30, 2024 and 2023.

			Wealth Management						Communications						Consumer Products						Total
Restructuring charges for the six months ended June 30, 2024:
Employee termination			$	—					$	263					$	546					$	809
Total restructuring charge			$	—					$	263					$	546					$	809
Restructuring charges for the six months ended June 30, 2023:
Employee termination			$	—					$	257					$	403					$	660
Facility closure and consolidation			61						—						—						61
Total restructuring charge			$	61					$	257					$	403					$	721

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- References

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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

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