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Restructuring Charges
 12 Months Ended
Dec. 31, 2016
Restructuring Charges [Abstract]  
Restructuring Charges
Note 4 - Restructuring Charges
For the years ended December 31, 2016, 2015, and 2014 total restructuring charges consist of the following components:
 
 
Years Ended December 31,
(in thousands)
 
2016
 
2015
 
2014
Severance charges
 
$
—

 
—

 
7,246

Lease termination charges
 
6

 
(3
)
 
4,808

Asset impairment charges
 
8,107

 
229

 
7,530

Gain on sale of assets held for sale, net
 
—

 
(401
)
 
(766
)
Professional fees and other charges
 
154

 
211

 
1,767

Total restructuring charges
 
$
8,267

 
36

 
20,585

 
 
 
 
 
 
 

For the year ended December 31, 2016, restructuring charges totaled $8.3 million with $5.3 million related to Synovus' continued corporate real estate optimization activities. Synovus continues to evaluate its branch network while deploying additional digital and on-line capabilities to increase convenience for customers while lowering transaction costs, and identified and closed nine branches during the year ended December 31, 2016. Asset impairment charges associated with branch closures identified during 2016 totaled $2.8 million.
For the year ended December 31, 2015, Synovus recorded net gains of $401 thousand on the sale of certain branch locations and recorded additional expense, net of $437 thousand associated primarily with the 2014 branch closings. Restructuring charges for the year ended December 31, 2014 related primarily to expense savings initiatives that were approved during 2014. The initiatives included the consolidation or closing of certain branch locations as well as workforce reductions.   Asset impairment and lease termination charges for the year ended December 31, 2014 consisted primarily of charges related to the closure of 13 branches during the fourth quarter of 2014.   Severance charges for the year ended December 31, 2014 consisted of estimated involuntary termination benefits for targeted staff reductions identified during 2014. These termination benefits were provided under an ongoing benefit arrangement as defined in ASC 712, Compensation-Nonretirement Postemployment Benefits; accordingly, the charges were recorded pursuant to the liability recognition criteria of ASC 712.   Additionally, substantially all of the professional fees and other charges for the year ended December 31, 2014 consisted of professional fees incurred in connection with an organizational restructuring implemented during 2014.
The following table presents aggregate activity associated with accruals that resulted from the restructuring charges recorded during the years ended December 31, 2016, 2015, and 2014:
 
 
 
 
 
 
 
(in thousands)
 
Severance Charges
 
Lease Termination Charges
 
Total
Balance at December 31, 2013
 
$
1,572

 
1,383

 
2,955

Accruals for efficiency initiatives
 
7,246

 
4,808

 
12,054

Payments
 
(5,527
)
 
(652
)
 
(6,179
)
Balance at December 31, 2014
 
3,291

 
5,539

 
8,830

Accruals for efficiency initiatives
 
—

 
(3
)
 
(3
)
Payments
 
(1,361
)
 
(849
)
 
(2,210
)
Balance at December 31, 2015
 
1,930

 
4,687

 
6,617

Accruals for efficiency initiatives
 
—

 
6

 
6

Payments
 
(1,849
)
 
(725
)
 
(2,574
)
Balance at December 31, 2016
 
$
81

 
3,968

 
4,049

 
 
 
 
 
 
 

All professional fees and other charges were paid in the years that they were incurred. No other restructuring charges resulted in payment accruals.