On October 25, 2018, Criteo's Board of Directors authorized a share repurchase program of up to $80.0 million of the Company’s outstanding American Depositary Shares. We completed this share repurchase program in 2018. As of December 31, 2018, 3.5 million shares were held as treasury shares.

On February 8, 2019, the Board of Directors authorized the reduction of capital resulting in the formal retirement of 1.6 million treasury shares.

On July 26, 2019, Criteo's Board of Directors authorized a share repurchase program of up to $80.0 million of the Company's outstanding American Depositary Shares. As of December 31, 2019, 3.2 million shares were held as treasury shares as part of the share repurchase program authorized on July 26, 2019.

As of March 31, 2020, we had 4.5 million treasury shares remaining which may be used to satisfy the Company's obligations under its employee equity plans upon RSU vestings in lieu of issuing new shares, and for M&A activity. We completed the 2019 share repurchase program in February 2020.


	Number of Treasury Shares	Amount (in thousands of dollars)
Balance at January 1, 2020	3,903,673	$	74,900


Treasury Shares Repurchased for RSU Vesting	1,258,068	18,239
Treasury Shares Issued for RSU Vesting	(628,091)	(13,305)
Balance at March 31, 2020	4,533,650	$	79,834

On October 7, 2019, in connection with the new organization structure, the Company announced a plan to restructure its R&D activities with the closing of its R&D operations in Palo Alto. The Company incurred additional net restructuring costs of $0.4 million for the three month period ended March 31, 2020 comprising of payroll expenses included in Research and Development expenses.

The following table summarizes restructuring activities as of March 31, 2020 included in other current liabilities on the balance sheet:


	Three Months Ended
	March 31, 2020
	(in thousands)
Restructuring liability - January 1, 2020	$	5,581
Restructuring costs	449
Amount paid	(3,788)
Restructuring liability - March 31, 2020	2,242

As part of a new organization structure designed to best support our multi-product platform strategy and accelerate execution, commenced in the twelve month period ended December 31, 2019, the Company incurred net restructuring costs of $0.8 million for the three month period ended March 31, 2020, comprising of payroll expenses.


	Three Months Ended
	March 31, 2020
	(in thousands)
Payroll related costs	$	(772)
Total restructuring costs	(772)

For the three month period ended March 31, 2020, $0.2 million was included in Research and Development expenses and $0.6 million was included in Sales and Operations expenses.

The following table summarizes restructuring activities as of March 31, 2020 included in other current liabilities on the balance sheet:


	Three Months Ended
	March 31, 2020
	(in thousands)
Restructuring liability - January 1, 2020	$	510
Restructuring costs	772
Amount paid	(686)
Restructuring liability - March 31, 2020	596