Restructuring |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Restructuring And Related Activities [Abstract] | |
Restructuring |
29. Restructuring
In the second quarter of 2020, due to the impact of the COVID-19 pandemic on the current and future revenues of the Company, the Company recorded a $21,658 restructuring charge, primarily relating to the abandonment of leased office premises and employee severance charges. Of the total charge of $21,658, $11,152 was a non-cash charge (including $908 related to writing down certain property, plant and equipment) recorded as other operating expense, which pertains to the abandonment of various leased office premises as a result of the Company’s consolidation of underutilized office premises due to lower demand or shifting to a work-from-home model. The Company made efforts to sublease certain office premises instead of abandoning them, but due to the COVID-19 pandemic and the related widespread adoption of work-from-home practices by many businesses worldwide, the Company was unable to sublease such premises and it is unlikely that the Company will be able to sublease any such premises in the foreseeable future. The Company also recorded a severance charge of $10,505 in personnel expense as a result of a focused reduction in its workforce. As part of this restructuring plan, the Company may incur an incremental severance charge in the third quarter of 2020 which is not expected to be material. |