Organizational Efficiency Plan and Executive Severance

12 Months Ended

Dec. 31, 2018

Restructuring and Related Activities [Abstract]

Organizational Efficiency Plan and Executive Severance

Starting in 2015, the Company initiated a plan ("2015 Plan") to integrate ancillary operations and consolidate certain positions resulting in employee headcount reduction and facility closures. As a result, the Company incurred employee termination and other charges consisting of severance and other employee termination costs, facility closure costs and other operational costs. During the years ended December 31, 2017 and 2016, the Company incurred employee termination and other charges under the 2015 Plan totaling $1.5 million and $1.1 million, respectively. The Company continually evaluates ways to improve business processes to ensure that its operations align with its strategy and vision for the future.

Changes in the Company’s accrued liabilities for workforce reduction costs are as follows (dollars in thousands):



	Amount
Beginning balance as of January 1, 2016	$	183
Employee termination and other charges	1,147
Releases	(1,330		)
Ending balance as of December 31, 2016	$	—
Employee termination and other charges	1,489
Releases	(1,489		)
Ending balance as of December 31, 2017	$	—

During 2018, the Company entered into transition agreements with certain executives as a result of changes to its management team. Total severance charges related to the transition agreements recorded in 2018 were $2.0 million, which are included in employee termination and other charges in the consolidated statements of income, of which $1.1 million was accrued at December 31, 2018.