13. Restructuring

On June 6, 2018, the Company implemented a restructuring plan, under which the Company will reduce headcount in certain areas of the Company, made the decision to cease sales and marketing of the Swyft product and service line and to close a regional office, all in an effort to improve operational efficiencies. The plan provides for the elimination of approximately 48 positions worldwide across a variety of functions, with a concentration within engineering, as well as sales and marketing. The Company recorded net charges totaling $6.4 million in the three months ended June 30, 2018 related to severance and termination benefits, net of stock based compensation reversal, the write off of goodwill and intangible assets attributable to Swyft, and the acceleration of the final deferred compensation payment to the founders of Swyft. Charges associated with the office closure will be recognized when the office is no longer in use, which is expected to occur in the third quarter of 2018.

The following presents the details of the restructuring expense line item within our consolidated statements of operations (in thousands):


	Three Months Ended June 30, 2018			Six Months Ended June 30, 2018
Severance and termination benefits	$	4,032		$	4,226
Reversal of stock based compensation expense		(1,402	)		(1,402	)
Accelerated deferred compensation		523			523
Intangible assets impairment		2,623			2,623
Write off of allocated goodwill		600			600

Total restructuring	$	6,376		$	6,570

We reversed $1.4 million of stock based compensation expense as a result of forfeitures of awards by employees included in the restructuring plan. See Note 6 for further details regarding the intangible asset disposal and write off of goodwill.

The following presents a rollforward of the restructuring reserves and provision activity(in thousands):


	Personnel related
Restructuring reserve at January 1, 2018	$	1,333
Restructuring charges		194
Cash payments		(985	)

Restructuring reserve at March 31, 2018		542
Restructuring charges		4,031
Cash payments		(479	)
Foreign currency exchange rate changes		(5	)

Restructuring reserve at June 30, 2018	$	4,089

Future cash expenditures related to the restructuring are expected to be approximately $2.4 million, net of tax savings. We expect the restructuring plan to be completed by the end of 2018, other than the payment of deferred termination benefits to certain terminated employees.