RESTRUCTURING

9 Months Ended

Sep. 30, 2016

NOTE 9. RESTRUCTURING

In September 2016, the Company approved a restructuring plan relating to cost management initiatives in the MIS segment as well as in certain corporate overhead functions.This restructuring plan consists solely of headcount reductions, which when combined with an immaterial restructuring in the first half of 2016, represented approximately 1% of the Company’s workforce. The entire charge for these actions will result in cash outlays that will be paid out over the next twelve months. The cumulative amount of expense incurred from inception through September 30, 2016 for these actions was $12.0 million. Actions under these plans were substantially complete at September 30, 2016.

Total expenses included in the accompanying consolidated statements of operations are as follows:

		Three Months Ended September 30,				Nine Months Ended September 30,
		2016		2015		2016		2015
Restructuring	$	8.4	$	-	$	12.0	$	-

Changes to the restructuring liability during the first nine months of 2016 were as follows:

		Employee Termination Costs

			Severance
Balance at January 1, 2016		$	-
	Cost incurred and adjustments		12.0
	Cash payments		(2.4)
Balance at September 30, 2016		$	9.6

As of September 30, 2016, the remaining restructuring liability of $9.6 million relating to severance is expected to be paid out during the years ending December 31, 2016 and 2017. This liability is recorded within accounts payable and accrued liabilities in the Company’s consolidated balance sheet at September 30, 2016.