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Restructuring and Related Activities

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring Charges

Note 3 - Restructuring

For the years ended December 31, 2020, 2019, and 2018, total restructuring charges consist of the following components:

			Years Ended December 31,
(in thousands)			2020						2019						2018
Severance charges			$	15,645					$	1,097					$	(273)
Lease termination charges			7,117						—						136
Asset impairment charges			3,374						—						86
Other charges			855						133						—
Total restructuring charges			$	26,991					$	1,230					$	(51)

In January 2020, Synovus announced efficiency initiatives as part of its Synovus Forward plan and recorded restructuring charges of $27.0 million, consisting largely of severance charges of $15.6 million, during the year ended December 31, 2020. Severance charges included $13.7 million in one-time termination benefits associated with a voluntary early retirement program offered to employees in the latter part of 2020. During 2020, Synovus also recorded $10.5 million in lease termination charges and asset impairment charges related to branch closures and restructuring of corporate real estate.

The following table presents aggregate activity associated with accruals that resulted from the restructuring charges recorded during the year ended December 31, 2020.

(in thousands)			Severance Charges						Lease Termination Charges						Total
Balance at December 31, 2019			$	1,085					$	940					$	2,025
Accruals for voluntary and involuntary termination benefits			15,645						—						15,645
Accruals for lease terminations			—						7,117						7,117
Payments			(7,511)						(2,065)						(9,576)
Balance at December 31, 2020			$	9,219					$	5,992					$	15,211

Other charges were paid in the years that they were incurred. No other restructuring charges resulted in payment accruals.

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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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