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Restructuring

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

During the year ended December 31, 2020, the Company implemented a restructuring plan (the "2020 Plan") to optimize future growth and profitability. The primary components of the 2020 Plan included a workforce reduction, a reduction of the Company's real estate expenses and professional fees, and the elimination of certain deferred compensation programs. The Company continued to incur charges related to the 2020 Plan during the year ended December 31, 2021, which primarily related to finalizing a reduction of the Company's real estate footprint.

The Company did not incur any charges under the 2020 Plan during the years ended December 31, 2022, and 2023, and does not anticipate incurring any future charges under the 2020 Plan.

Restructuring charges (reversals) for the year ended December 31, 2021, by type of charge (reversal) and operating segment are as follows:

			Executive Search
			Americas						Europe						Asia Pacific						Heidrick Consulting						Global Operations Support						Total
Employee related			$	20					$	(97)					$	(124)					$	(44)					$	62					$	(183)
Office related			3,859						—						—						399						(296)						3,962
Other			3						—						—						—						10						13
Total			$	3,882					$	(97)					$	(124)					$	355					$	(224)					$	3,792

Restructuring charges incurred to date under the 2020 Plan, which are solely comprised of prior period charges, by type of charge and reportable segment are as follows:

			Executive Search
			Americas						Europe						Asia Pacific						Heidrick Consulting						Global Operations Support						Total
Employee related			$	16,226					$	8,256					$	4,110					$	2,589					$	1,416					$	32,597
Office related			18,101						226						374						2,352						1,819						22,872
Other			34						24						6						71						560						695
Total			$	34,361					$	8,506					$	4,490					$	5,012					$	3,795					$	56,164

As part of the Company's reduction in real estate expenses under the 2020 Plan, a lease component related to one of the Company's offices was abandoned. In September 2021, the Company entered into a termination and surrender agreement for this lease component. Under the terms of the agreement, the Company made a one-time payment of $11.7 million to release the Company from all remaining obligations under the lease. At the time of payment, the Company had accrued approximately $17.4 million of lease liabilities related to future payments under the remaining lease term. Upon making the one-time payment, the lease liabilities were relieved, resulting in a gain on termination of approximately $5.7 million, which is recorded in Restructuring charges in the Consolidated Statements of Comprehensive Income (Loss) for the year ended December 31, 2021.

Changes in the restructuring accrual for the years ended December 31, 2023, 2022, and 2021 were as follows:

						Employee Related						Office Related						Other						Total
Accrual balance at December 31, 2020						22,312						953						—						23,265
Restructuring charges						(183)						3,962						13						3,792
Cash payments						(13,702)						(738)						(13)						(14,453)
Non-cash write-offs						44						(4,190)						—						(4,146)
Exchange rate fluctuations						(77)						13						—						(64)
Accrual balance at December 31, 2021						8,394						—						—						8,394
Cash payments						(4,853)						—						—						(4,853)
Non-cash write-offs						(34)						—						—						(34)
Exchange rate fluctuations						(85)						—						—						(85)
Accrual balance at December 31, 2022						$	3,422					$	—					$	—					$	3,422
Cash payments						(3,516)						—						—						(3,516)
Exchange rate fluctuations						94						—						—						94
Accrual balance at December 31, 2023						$	—					$	—					$	—					$	—

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- References

No definition available.

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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 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//420/tableOfContent

Reference 4: 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

Reference 5: 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

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