

15.	Restructuring Activities

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 review of operations identified certain initiatives to further streamline the business, improve the Company’s efficiency and 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 third 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 respective programs. The Company has determined the amount of expenses related to these initiatives is probable and reasonably estimable. As such, the Company has recorded the impact on the unaudited condensed consolidated statements of income and in accrued expenses and current liabilities on the unaudited condensed consolidated balance sheets. Restructuring charges incurred to date under these initiatives were $24.7 million as of September 30, 2018.

The majority of the balances under these initiatives are expected to be paid through 2018. Based on current plans, which are subject to change, the amount of additional restructuring costs that the Company expects to incur under these initiatives is immaterial.

The following tables present the Company’s restructuring activities by initiative:



2015 Restructuring Initiative	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2018			2017			2018			2017
Balance, beginning of period	$	1,143		$	3,008		$	2,680		$	5,231
Restructuring (reversals) charges	(30		)	431			(77		)	1,964
Cash paid	(313		)	(656		)	(1,804		)	(3,492		)
Liability transfer to 2016 Restructuring Initiative	—			—			—			(1,158		)
Foreign currency translation	(4		)	(22		)	(3		)	216
Balance, end of period	$	796		$	2,761		$	796		$	2,761



2016 Restructuring Initiative	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2018			2017			2018			2017
Balance, beginning of period	$	410		$	4,342		$	738		$	3,662
Restructuring charges	28			88			58			(226		)
Cash paid	(199		)	(1,778		)	(555		)	(2,265		)
Liability transfer from 2015 Restructuring Initiative	—			—			—			1,158
Foreign currency translation	(2		)	35			(4		)	358
Balance, end of period	$	237		$	2,687		$	237		$	2,687



Acquisition Integration Restructuring Initiative	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2018			2017			2018			2017
Balance, beginning of period	$	32		$	1,333		$	5,093		$	1,764
Restructuring charges	—			4,120			240			5,061
Cash paid	(32		)	(937		)	(5,355		)	(2,416		)
Other	—			—			22			107
Balance, end of period	$	—		$	4,516		$	—		$	4,516



Total Restructuring Initiatives	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2018			2017			2018			2017
Balance, beginning of period	$	1,585		$	8,683		$	8,511		$	10,657
Restructuring charges	(2		)	4,639			221			6,799
Cash paid	(544		)	(3,371		)	(7,714		)	(8,173		)
Other	—			—			22			107
Foreign currency translation	(6		)	13			(7		)	574
Balance, end of period	$	1,033		$	9,964		$	1,033		$	9,964