Restructuring Charges

12 Months Ended

Dec. 31, 2011

Note 7—Restructuring Charges

During 2011, Advent recorded a restructuring charge of $0.7 million which primarily related to the severance and benefit costs associated with a re-organization program and the present value amortization of facility exit obligations, partially offset by adjustments to other facility exit assumptions.

During 2010, Advent recorded a restructuring charge of $0.8 million which primarily related to facility and exit costs associated with the relocation and consolidation of the facilities in New York City and Boston during the second and fourth quarter of 2010, respectively.

During 2009, Advent recorded restructuring charges of $0.1 million related to the present value amortization of facility exit obligations partially offset by adjustments to other facility exit assumptions.

The following table sets forth an analysis of the components of the restructuring charges and the payments and non-cash charges made against the accrual during fiscal 2009, 2010 and 2011 (in thousands):

	Facility Exit Costs			Severance and Benefits			Total

Balance of restructuring accrual at December 31, 2008	$	1,735		$	141		$	1,876
Restructuring charges (benefit)		60			(4	)		56
Cash payments		(635	)		(137	)		(772	)
Accretion of prior restructuring costs		74			—			74

Balance of restructuring accrual at December 31, 2009	$	1,234		$	—		$	1,234
Restructuring charges		788			—			788
Reversal of deferred rent related to facilities exited		29			—			29
Cash payments		(763	)		—			(763	)
Accretion of prior restructuring costs		52			—			52

Balance of restructuring accrual at December 31, 2010	$	1,340		$	—		$	1,340
Restructuring charges		67			602			669
Reversal of deferred rent related to facilities exited		60			—			60
Cash payments		(1,046	)		—			(1,046	)
Accretion of prior restructuring costs		27			—			27

Balance of restructuring accrual at December 31, 2011	$	448		$	602		$	1,050

The remaining restructuring accrual of $1.1 million at December 31, 2011 is included in accrued liabilities on the accompanying consolidated balance sheet. The accrued facility exit costs of $0.4 million are stated at estimated fair value, net of estimated sub-lease income of $0.4 million. Advent expects to pay the remaining obligations in connection with vacated facilities over the remaining lease terms, which will expire on various dates through 2012.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References+ Details