RESTRUCTURING AND OTHER RELATED CHARGES

Our restructuring and other related charges, net for the years ended December 31, 2017 and 2016 are summarized by segment as follows (in thousands):



	Twelve Months Ended December 31,
	2017			2016
Furmanite Belgium and Netherlands Exit
Severance and related costs (credits)
TeamFurmanite	$	(173	)	$	4,862
Disposal (gain)/impairment loss
TeamFurmanite	(1,056		)	651
Subtotal	(1,229		)	5,513

2017 Cost Savings Initiative
Severance and related costs
TeamQualspec	966			—
TeamFurmanite	1,622			—
Quest Integrity	428			—
Corporate and shared support services	864			—
Subtotal	3,880			—
Grand total	$	2,651		$	5,513

Furmanite Belgium and Netherlands Exit. Due to continued economic softness and unfavorable costs structures, we committed to a plan to exit the acquired Furmanite operations in Belgium and the Netherlands in the fourth quarter of 2016 and communicated the plan to the affected employees. The closures are now essentially complete. During the year ended December 31, 2017, we recorded a reduction to severance costs of $0.2 million and a disposal gain of $1.1 million. The disposal gain resulted from an asset sale of the Furmanite operations in Belgium, which was completed during the first quarter of 2017, whereby we conveyed the business operations, $0.3 million of cash and approximately $0.2 million of other assets to the purchaser in exchange for the assumption by the purchaser of certain liabilities, primarily severance-related liabilities of $1.6 million associated with the employees who transferred to the purchaser in connection with the transaction.

A rollforward of our accrued severance liability associated with the Belgium and Netherlands exit is presented below (in thousands):



	Twelve Months Ended December 31,
	2017			2016

Balance, beginning of period	$	4,846		$	—
Charges (credits), net	(173		)	4,846
Payments	(3,144		)	—
Disposal	(1,601		)	—
Foreign currency adjustments	72			—
Balance, end of period	$	—		$	4,846

With respect to these exit activities, to date we have incurred cumulatively $4.7 million of severance-related costs and an impairment loss on property, plant and equipment of $0.7 million, partially offset by a disposal gain of $1.1 million.

2017 Cost Savings Initiative. On July 24, 2017, we announced our commitment to a cost savings initiative to take direct actions to reduce our overall cost structure given the recent weak and uncertain macro environment in the industries in which we operate. The resulting severance and related charges of this initiative amounted to $3.9 million during the year ended December 31, 2017.

A rollforward of our accrued severance liability associated with this initiative is presented below (in thousands):



	Twelve Months Ended December 31, 2017

Balance, beginning of period	$	—
Charges	3,880
Payments	(3,292		)
Balance, end of period	$	588

With respect to this initiative, to date we have incurred cumulatively $3.9 million in severance and related expenses. Although this cost savings initiative is largely complete, the Company is continuing a comprehensive assessment of its operating plan, which could result in additional initiatives.