Restructuring Charges

9 Months Ended

Sep. 30, 2018

(5) Restructuring Charges

2018 Restructuring

In the first and third quarters of 2018, the Company implemented restructuring plans to improve margins and enhance stockholder returns through the elimination of certain positions in the U.S. and the reduction of office space in Los Angeles.

Activity and liability balances recorded as part of the restructuring plan through September 30, 2018 are as follows (dollars in thousands):


	Employee		Consolidation
	Separation		of Leased
	Costs		Facilities		Total
Restructuring charges recognized - March 31, 2018	$	7,165	$	—	$	7,165
Restructuring charges recognized - September 30, 2018		1,135		2,301		3,436
Total Restructuring Charges - 2018		8,300		2,301		10,601
Cash payments		(3,674)		(360)		(4,034)
Acceleration of share-based compensation		(2,702)		—		(2,702)
Asset write-off		—		(390)		(390)
Balance at September 30, 2018	$	1,924	$	1,551	$	3,475

The payment of the accrued costs for the 2018 restructuring is expected to continue through the first quarter of 2019. The payment of the remaining accrued costs related to the vacated leased facilities will continue through July 2027.

2016 Restructuring

As part of an end-to-end review of its business in 2016, the Company determined that its strategy is to increasingly focus its resources on its core capabilities in liquidity, execution, analytics and workflow technology solutions. To that end, in 2016, the Company implemented restructuring plans to (i) reduce headcount in its single stock sales trading and sales organizations, (ii) close its U.S. matched-book securities lending operations and its Canadian arbitrage trading desk and (iii) identify additional annual cost savings from management delayering and the elimination of certain positions.

Activity and liability balances recorded as part of the restructuring plan through September 30, 2018 are as follows (dollars in thousands):


	Amount
Balance at December 31, 2017	$	6
Asset write-off		(6)
Balance at September 30, 2018	$	—