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Corporate Restructuring Costs

12 Months Ended

Dec. 31, 2020

Corporate Restructuring Costs [Abstract]

Corporate Restructuring Costs

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.

All other costs, including other employee transition costs, recruitment and relocation costs, office asset impairment and other office closure costs, and third-party and other costs, are recognized in the period incurred.

Corporate restructuring costs consist of the following:



	Year ended December 31,
	2020			2019			2018
Employee severance and other employee transition costs(1)	$	303		$	1,768		$	6,919
Recruitment and relocation costs(1)		874			6,231			9,952
Office asset impairment and other office closure costs(2)		-			1,719			15,571
Third-party and other costs(1)		5,222			4,324			8,836
Stock-based compensation(1)		-			134			1,345
Total corporate restructuring costs	$	6,399		$	14,176		$	42,623

__________________

(1)Recorded in general and administrative expenses on the consolidated statements of income.

(2)Recorded in impairment, closure costs, and asset disposals on the consolidated statements of income.

Upon the adoption of Accounting Standards Codification Topic 842 on January 1, 2019, lease termination and other closure liabilities of $14,716 were reclassified into operating lease assets and are no longer within the scope of ASC 420, Exit or Disposal Cost Obligations.

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



	December 31, 2019			Charges			Payments			December 31, 2020
Employee severance and other employee transition costs	$	-		$	303		$	(303)		$	-
Recruitment and relocation costs		30			874			(904)			-
Third-party and other costs		-			5,222			(5,222)			-
Total restructuring liability	$	30		$	6,399		$	(6,429)		$	-

 

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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