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Restructuring Charges | 12 Months Ended
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Dec. 31, 2016
Restructuring and Related Activities [Abstract] |
Restructuring Charges | Restructuring Charges 2015 Restructuring Plan During the first quarter of 2015, we performed a comprehensive review of our processes, businesses and systems in a company-wide effort to improve performance, cut costs, and reduce spending. In June 2016, we completed our 2015 restructuring plan and recognized total net pre-tax charges of $213 million for the period March 2015 through June 2016. Through this initiative, we expect to generate annualized savings of $36 million. Restructuring charges are recorded on restructuring plans that have been committed to by management and are, in part, based upon management’s best estimates of future events. Changes to the estimates may require future adjustments to the restructuring reserve. The following table presents a summary of the 2015 restructuring plan charges in the Consolidated Statements of Income for the years ended December 31, 2016 and 2015:
| Year ended December 31,
| 2016 |  | 2015
| (in millions)
Rebranding of trade name | $ | — |  |  | $ | 119 |
Severance | 22 |  |  | 25 |
Facilities-related | 1 |  |  | — |
Asset impairments | 8 |  |  | 18 |
Other | 10 |  |  | 10 |
Total restructuring charges | $ | 41 |  |  | $ | 172 |
Rebranding of Trade Name In connection with our global rebranding initiative, we decided to change our company name from The NASDAQ OMX Group, Inc. to Nasdaq, Inc., which became effective in the third quarter of 2015. In connection with this action, we decided to discontinue the use of the OMX trade name and recorded a pre-tax, non-cash impairment charge of $119 million in March 2015 to write off the full value of the trade name. The impairment charge did not impact the company’s consolidated cash flows, liquidity, or capital resources. Severance Severance, which includes other termination benefits and other associated costs in the table above, related to workforce reductions of 201 positions across our organization for the year ended December 31, 2016 and 230 positions for the year ended December 31, 2015. In addition to reducing our workforce, we have relocated certain functions to lower cost locations and expect to continue hiring in these lower cost locations to support the business. Facilities-related The facilities-related charge in the table above for the year ended December 31, 2016 primarily pertained to the consolidation of leased facilities. For the year ended December 31, 2015, facility-related costs were $10 million and pertained to the consolidation of leased facilities. These costs were offset by a credit of $10 million which pertained to the release of a previously recorded sublease loss reserve for part of the space we lease in New York, New York. In June 2015, a s part of our real estate reorganization plans, management decided to occupy this space. Based on management’s decision, we released the sublease loss reserve recorded for this space. Asset Impairments Asset impairment charges of $8 million for the year ended December 31, 2016 and $18 million for the year ended December 31, 2015 primarily related to fixed assets and capitalized software that were retired during the respective period. Restructuring Reserve The following table presents the changes in the restructuring reserve for the year ended December 31, 2016:
| Balance at January 1, 2016 |  | Expense Incurred |  | Cash Payments |  | Balance at December 31, 2016
| (in millions)
Severance | $ | 12 |  |  | $ | 22 |  |  | $ | (17 | ) |  | $ | 17 |
As of December 31, 2016, the majority of the restructuring reserve is included in other current liabilities in the Consolidated Balance Sheets and will be paid in 2017.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.P.3) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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