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Restructuring and Severance Charges

12 Months Ended

Dec. 31, 2018

Restructuring and Severance Charges [Abstract]

Restructuring and Severance Charges

17. Restructuring and Severance Charges

In 2018, the Company began a strategic plan to align its resources and capabilities to support its vision of being a world-leading business platform. This program primarily impacted the Company’s information technology infrastructure and organization and other departments within its corporate and Americas offices. As a result of the restructuring program, the Company recorded a non-cash charge of $48.6 million for impairment of information technology assets, including internally developed software for social sharing and digital initiatives, and $22.1 million of cash charges, including $20.1 million for employee severance and $2.0 million for other related cash charges with our restructuring. The restructuring charges were predominately recorded in the Corporate and Other category. As of December 31, 2018 the Company had a liability of $15.5 million in accrued payroll and other employee expenses. The Company expects to pay out the remaining liability in the first quarter of 2019.

		December 31, 2018
Restructuring, severance and impairment charges incurred		$	70,686
Non-cash impairment charges			(48,551	)
Amounts paid			(6,673	)
Adjustments			—
Balance December 31, 2018		$	15,462

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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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