|6 Months Ended|
Jul. 31, 2022
In connection with the Company’s acquisition integration process and workplace flexibility policy, it has continued its initiatives and commitment to reduce its costs and better align operating expenses with existing economic conditions and its operating model. During the three and six months ended July 31, 2022 (Successor), the Company recorded restructuring charges of $4.3 million and $8.3 million, respectively, for the severance costs and the abandonment of right-of-use assets.
In January 2021, the Company committed to a restructuring plan that encompassed a series of measures intended to improve its operating efficiency, competitiveness and business profitability. These included workforce reductions and consolidation of facilities as it is adopting new work arrangements for certain locations. The Company recorded restructuring charges of $0.3 million and recoveries of $0.6 million during the period of June 12, 2021 to July 31, 2021 (Successor) and the period of February 1, 2021 to June 11, 2021 (Predecessor (SLH)), respectively, as a result of severance cost estimate changes.
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.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef