Early Termination Charges

6 Months Ended

Jun. 30, 2017

Restructuring and Related Activities [Abstract]

Early Termination Charges

13. Early Termination Charges

As of February 22, 2017, the Company’s Board of Directors approved the implementation of a new headcount reduction plan (the “Headcount Reduction Plan”). As of June 30, 2017, 352 employees elected to resign from the Company during which the Headcount Reduction Plan was offered. The cost related to the Headcount Reduction Plan, all of which is expected to consist of cash expenditures, is approximately $31 million of which approximately $28 million has already been paid. The Company recorded in its consolidated statement of operations $11.1 million and $2.3 million in termination related charges as early termination charges for the three months ended March 31, 2017 and June 30, 2017, respectively. The remaining total estimated cost relates to statutory severance benefits, which are required by law and have already been fully accrued in the Company’s financial statements.