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RESTRUCTURING CHARGES

12 Months Ended

Dec. 31, 2020

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES

NOTE 19—RESTRUCTURING CHARGES

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2020 Restructuring Plan

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In the third and fourth quarters of 2020, the Company took restructuring actions to lower our operating expenses structurally and permanently relative to revenue and to accelerate the transformation of our business (the “Restructuring Plan”). Most of these actions are based on our recent experience and learning in the COVID-19 pandemic and a resulting review of our operations, which continues to address certain operating expenses such as occupancy expense and salaries and related expenses.

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A summary of the activity affecting the Company's accrued contractual termination benefit liability for the year ended December 31, 2020 is as follows:

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​	​	​	​
​		Restructuring Plan
Balance at January 1, 2020		$	—
Amounts accrued	​		2,349
Amounts paid/incurred	​		(1,592)
Balance at December 31, 2020		$	757

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The $2.3 million of net restructuring charges was primarily related to contractual termination benefits, and was recorded in selling, general and administrative expenses. We expect that the remaining actions of the Restructuring Plan will be completed over the next three months.

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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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