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Cost Reengineering Plan

9 Months Ended

Sep. 30, 2019

Restructuring and Related Activities [Abstract]

Cost Re-engineering Plan

Note 3 - Cost Re-Engineering Plan

In February 2019, we announced our intention to execute cost re-engineering opportunities in order to drive stronger financial performance and, in the longer term, simplify our operations. Our cost re-engineering plans extend beyond eliminating redundant costs through the integration process and address organizational, process and control redesign and automation, human capital planning, off-shore utilization, strategic sourcing and facilities rationalization. Costs estimated for this plan include severance, retention and other incentive awards, facilities-related costs and other costs to execute the reorganization.

The following is a summary of expenses incurred to-date, including an estimate of remaining and total plan costs:

	Nine Months Ended September 30, 2019
	Employee-related				Facility-related				Other				Total
Total costs incurred (1)
First quarter	$	20,787			$	—			$	1,328			$	22,115
Second quarter	3,460				3,047				3,619				10,126
Third quarter	7,266				3,596				7,485				18,347
	31,513				6,643				12,432				50,588
Estimate of remaining costs (2)	2,887				2,557				8,968				14,412
Total plan costs	$	34,400			$	9,200			$	21,400			$	65,000

(1) The above expenses were all incurred within the Corporate Items and Other segment. Employee-related costs and facility-related costs are reported in Compensation and benefits expense and Occupancy and equipment expense, respectively, in the unaudited consolidated statements of operations. Other costs are primarily reported in Professional services expense and Other expenses.

(2) We expect to incur the remaining plan costs within the year ending December 31, 2019.

The following table provides a summary of the aggregate activity of the liability for the re-engineering plan costs:

	Nine Months Ended September 30, 2019
	Employee-related				Facility-related				Other				Total
Beginning balance	$	—			$	—			$	—			$	—
Charges	31,513				6,643				12,432				50,588
Payments / Other	(20,205		)		(5,324		)		(9,899		)		(35,428		)
Ending balance (1)	$	11,308			$	1,319			$	2,533			$	15,160

(1) The liability for re-engineering plan costs is included in Other liabilities (Other accrued expenses).

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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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