Restructuring Charges

3 Months Ended

Mar. 31, 2017

Restructuring Charges [Abstract]

Restructuring Charges

Note 5 - Restructuring Charges

For the three months ended March 31, 2017 and 2016, total restructuring charges consist of the following components:

	Three Months Ended March 31,
(in thousands)	2017		2016
Severance charges	$	6,453	—
Lease termination charges	—		44
Asset impairment charges	—		1,045
Other charges	58		51
Total restructuring charges, net	$	6,511	1,140

For the three months ended March 31, 2017, Synovus recorded severance charges of $6.5 million including $6.2 million for termination benefits incurred in conjunction with a voluntary early retirement program offered during the quarter. This program is part of Synovus' ongoing efficiency initiatives. The $6.2 million accrual is based on the benefits to be paid to employees who accepted the early retirement offer on or prior to the expiration of the program on March 30, 2017. During the three months ended March 31, 2016, Synovus recorded restructuring charges of $1.1 million related to the decision during the first quarter of 2016 to close four branches.

The following tables present aggregate activity within the accrual for restructuring charges for the three months ended March 31, 2017 and 2016:

(in thousands)	Severance Charges			Lease Termination Charges		Total
Balance at December 31, 2016	$	81		3,968		4,049
Accruals for voluntary and involuntary termination benefits	6,453			—		6,453
Payments	(219		)	(279	)	(498	)
Balance at March 31, 2017	$	6,315		3,689		10,004

(in thousands)	Severance Charges			Lease Termination Charges		Total
Balance at December 31, 2015	$	1,930		4,687		6,617
Accruals for lease terminations	—			44		44
Payments	(397		)	(186	)	(583	)
Balance at March 31, 2016	$	1,533		4,545		6,078

All other charges were paid in the quarters that they were incurred. No other restructuring charges resulted in payment accruals.