XML 116 R27.htm IDEA: XBRL DOCUMENT v2.4.1.9
SUBSEQUENT EVENTS (UNAUDITED)
12 Months Ended
Dec. 31, 2014
SUBSEQUENT EVENTS (UNAUDITED)

21. SUBSEQUENT EVENTS (UNAUDITED)

“Reallocate to Accelerate”

On February 10, 2015, the Company committed to take a series of cost savings initiatives to reduce costs globally while continuing to support the Company’s new strategy. The initiatives currently include a global workforce reduction of approximately 300 associates, or 7% of its full-time staff, consolidation of certain office facilities, and continuing discretionary-spending and office and general expense controls. The Company expects these reductions, currently anticipated to be completed by the end of 2015, to result in annualized savings of approximately $38,000 to $45,000. The full impact of the savings will be realized beginning in the fourth quarter of 2015. As a result of these initiatives, the Company expects to record a cumulative pre-tax charge within the range of $18,000 to $23,000, all of which is expected to be cash expenditures. The majority of the associated charges are expected to be recorded in the first half of 2015.