

15.	Restructuring

In the first quarter of 2015, the Company commenced a restructuring initiative (the "2015 Restructuring Initiative") as a result of its global review of operations. The global review of operations identified certain initiatives to further streamline the business, improve the Company's efficiency, and to globalize the Company's operations, all with an objective to improve scale and increase profitability going forward.

The Company continued its efforts to improve its overall operational efficiency and began a second restructuring initiative (the "2016 Restructuring Initiative") during the second quarter of 2016. In connection with the EFS acquisition, the Company initiated a restructuring program in the third quarter of 2016 (the "Acquisition Integration Restructuring Initiative").

The restructuring expenses related to these initiatives primarily consist of employee costs and office closure costs directly associated with the program. The Company has determined that the amount of expenses related to these initiatives are probable and estimable and has recorded the impact on the unaudited condensed consolidated statements of income and in Accrued expenses on the unaudited condensed consolidated balance sheet. The balance under the 2015 Restructuring Initiative is expected to be paid through 2017, the amount under the 2016 Restructuring Initiative is expected to be paid through 2018, and the amount under the Acquisition Integration Restructuring Initiative is expected to be paid through 2017. The Company expects to incur an additional $3,000 in restructuring costs related to the 2015 Restructuring Initiative, an additional $900 in restructuring costs related to the 2016 Restructuring Initiative, and an additional $1,300 in restructuring costs related to the Acquisition Integration Restructuring Initiative.

The following table presents the Company's 2015 Restructuring Initiative liability for the three and nine months ended September 30, 2016 and 2015:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Beginning balance	$	7,085		$	8,822		$	7,249		$	—
Restructuring charges	446			—			2,035			8,559
Reserve release	—			(45		)	—			(45		)
Cash paid	(638		)	—			(2,763		)	—
Impact of foreign currency translation	701			(304		)	1,073			(41		)
Ending balance	$	7,594		$	8,473		$	7,594		$	8,473

The following table presents the Company’s 2016 Restructuring Initiative liability for the three and nine months ended September 30, 2016:



	Three Months Ended September 30, 2016			Nine Months Ended September 30, 2016
Beginning balance	$	3,488		$	—
Restructuring charges	—			3,506
Cash paid	(4		)	(4		)
Impact of foreign currency translation	264			246
Ending balance	$	3,748		$	3,748

The following table presents the Company’s Acquisition Integration Restructuring Initiative liability for the three and nine months ended September 30, 2016:



	Three Months Ended September 30, 2016			Nine Months Ended September 30, 2016
Beginning balance	$	—		$	—
Restructuring charges	2,085			2,085
Cash paid	(421		)	(421		)
Impact of foreign currency translation	—			—
Ending balance	$	1,664		$	1,664

The following table presents the Company's total restructuring liability for the three and nine months ended September 30, 2016 and 2015:



	Three Months Ended September 30, 2016						Nine Months Ended September 30, 2016
	2016			2015			2016			2015
Beginning balance	$	10,573		$	8,822		$	7,249		$	—
Restructuring charges	2,531			—			7,626			8,559
Reserve release	—			(45		)	—			(45		)
Cash paid	(1,063		)	—			(3,188		)	—
Impact of foreign currency translation	965			(304		)	1,319			(41		)
Ending balance	$	13,006		$	8,473		$	13,006		$	8,473