Quarterly report pursuant to Section 13 or 15(d)

Restructuring Event

v3.10.0.1
Restructuring Event
6 Months Ended
Jun. 30, 2018
Restructuring and Related Activities [Abstract]  
Restructuring Event

During 2018 and 2017, the Company implemented strategic re-alignments that included reductions in headcount, facility costs and other operating costs.

 

The following table summarizes changes to the accrued liability associated with the restructuring for the six months ended June 30, 2018 and 2017 (in thousands):

 

    Employee Costs (1)     Facility Exit Costs (2)     Other Costs     Total  
Balance, January 1, 2018   $ 107     $ 3,131     $ 24     $ 3,262  
Expenses     3,045       534       42       3,621  
Payments     (2,877 )     (1,780 )     (66 )     (4,723 )
Balance, June 30, 2018     275       1,885       -       2,160  
                                 
Balance, January 1, 2017   $ -     $ -     $ -     $ -  
Expenses     810       2,416       -       3,226  
Payments     (56 )     (31 )     -       (87 )
Balance, June 30, 2017   $ 754     $ 2,385     $ -     $ 3,139  

__________

(1) As of June 30, 2018, the remaining employee-related liability will be paid within four months and approximates fair value due to the short discount period.

 

(2) These charges represent the present value of expected lease payments and direct costs to obtain a sublease, reduced by estimated sublease rental income. The timing and amount of estimated cash flows will continue to be evaluated each reporting period.