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Restructuring Charges

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring Charges

14. Restructuring Charges

Restructuring charges include severance plans designed to integrate and reduce costs intended to further improve efficiencies in operational activities and align cost structures consistent with revenue levels associated with business changes. In response to the COVID-19 pandemic, the Company commenced a plan involving terminating certain employees, particularly with respect to COVID-19 impacted operations. In addition, the Company established a global work from home policy. A significant portion of the Company’s office-based workforce temporarily transitioned to working from home and the Company commenced a plan to strategically exit certain offices during the year ended December 31, 2020. Refer to Note 8 — Leases, for additional information. During the years ended December 31, 2019 and 2018, in connection with the Daymon Acquisition, the Company commenced restructuring programs designed to achieve cost savings through transaction synergies. The Company recorded severance expenses of $4.6 million, $2.3 million, and $7.9 million included in “Selling, general, and administrative expenses” in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2020, 2019, and 2018, respectively.

As of December 31, 2020, and 2019, $1.3 million and $2.6 million of the Company’s restructuring charges were included in “Other accrued expenses” in the Consolidated Balance Sheets, respectively.

The following table summarizes the Company’s restructuring activity:

		Severance				Facilities and Other Costs				Total Restructuring Charges
(In thousands)
Balance at January 1, 2018		$	13,257			$	—			$	13,257
Charges			7,901				4,564				12,465
Payments/utilization			(16,841	)			(1,862	)			(18,703	)
Foreign exchange translation effects			(867	)			(48	)			(915	)
Balance at December 31, 2018			3,450				2,654				6,104
Charges			2,271				3,114				5,385
Payments/utilization			(4,398	)			(4,476	)			(8,874	)
Balance at December 31, 2019		$	1,323			$	1,292			$	2,615
Charges			4,601				755				5,356
Payments/utilization			(5,380	)			(1,292	)			(6,672	)
Balance at December 31, 2020		$	544			$	755			$	1,299

The following table summarizes the Company’s restructuring charges by segment: 

		Year Ended December 31,
(In thousands)		2020				2019				2018
Sales		$	2,451			$	2,928			$	6,663
Marketing			2,905				2,457				5,802
Total restructuring charges		$	5,356			$	5,385			$	12,465

Total restructuring charges recognized represents the estimated total charges for the years ended December 31, 2020, 2019, and 2018, respectively.

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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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