5. Corporate Restructuring Costs

In May 2018, we announced that we would open a headquarters office in Newport Beach, California, consolidate certain corporate administrative functions into our existing office in Columbus, Ohio, and close our existing headquarters offices in Denver, Colorado, as well as additional corporate offices in New York, New York. All affected employees were either offered an opportunity to continue in the new organization or were offered a severance package. We record severance as a one-time termination benefit and recognize the expense ratably over the employees’ required future service period. We record a liability for lease termination costs at the date we cease using property, consisting of the net present value of remaining lease obligations, net of estimated sublease rentals that could be reasonably obtained, and measure fair value using Level 3 inputs. Any subsequent adjustments to that liability as a result of lease termination or changes in estimates of sublease income are recorded in the period incurred. All other costs, including other employee transition costs, recruitment and relocation costs, other office closure costs, and third-party costs, are recognized in the period incurred.

Corporate restructuring costs consist of the following:



	Year ended December 31,
	2018
Employee severance and other employee transition costs(1)	$	6,919
Recruitment and relocation costs(1)		9,952
Lease termination and other office closure costs(2)		15,571
Third-party and other costs(1)		8,836
Stock-based compensation(1)		1,345
Total restructuring costs	$	42,623

__________________

(1)

Recorded in general and administrative expenses on the consolidated statement of income.

(2)

Recorded in impairment, closure costs, and asset disposals on the consolidated statement of income.

Changes in our restructuring liability which are included in accrued liabilities on the consolidated balance sheet were as follows:



	Balance December 31, 2017		Charges		Payments		Balance December 31, 2018
Employee severance and other employee transition costs	$	-	$	6,919	$	(4,197)	$	2,722
Recruitment and relocation costs		-		9,952		(9,728)		224
Lease termination and other office closure costs		-		15,571		-		15,571
Third-party and other costs		-		8,836		(8,282)		554
Total restructuring liability	$	-	$	41,278	$	(22,207)	$	19,071