Note 9: Restructuring

As a result of integration activities surrounding the merger with Cushman & Wakefield ("C&W Group"), the Company recognized restructuring credits of $1.2 million and restructuring charges of $2.6 million during the three months ended September 30, 2018 and 2017, respectively. During the nine months ended September 30, 2018 and 2017, the Company recorded charges of $2.7 million and $12.7 million, respectively. Charges primarily consisted of severance and employment-related costs due to reductions in headcount, along with lease exit costs and contract termination. Credits related to changes in estimates to previously reported accruals.

Charges for these restructuring actions were recorded in accordance with FASB guidance on employers’ accounting for post-employment benefits and guidance on accounting for costs associated with exit or disposal activities, as appropriate. All charges were classified as Restructuring, impairment and related charges in the unaudited condensed consolidated statements of operations.

The following table details the Company’s severance and other restructuring accrual activity (in millions):



	Severance Pay and Benefits			Contract Termination and Other Costs			Total
Balance as of December 31, 2017	$	26.3		$	11.1		$	37.4
Restructuring (credits) charges	(4.1		)	6.8			2.7
Payments and other⁽¹⁾	(18.0		)	(6.1		)	(24.1		)
Balance as of September 30, 2018	$	4.2		$	11.8		$	16.0

⁽¹⁾Other consists of changes in the liability balance due to foreign currency translation.

Of the total ending balance as of September 30, 2018 and December 31, 2017, $8.8 million and $7.2 million, and $30.1 million and $7.3 million were recorded as Other current liabilities and Other non-current liabilities, respectively, within the unaudited condensed consolidated balance sheets.