Restructuring Charges

9 Months Ended

Sep. 30, 2011

Restructuring Charges

Restructuring Charges

Note 13—Restructuring Charges

Minor restructuring initiatives were implemented in the Company’s Advent Investment Management segment since 2006 to reduce costs and improve operating efficiencies. These initiatives have resulted in restructuring charges comprised primarily of costs related to properties abandoned in connection with facilities consolidation and associated write-down of leasehold improvements. Advent’s restructuring charges included accruals for estimated losses on facility costs based on the Company’s contractual obligations net of estimated sublease income. Advent reassesses this liability periodically based on market conditions.

During the nine months ended September 30, 2011, Advent recorded a restructuring charge of $0.1 million which primarily related to the present value amortization of facility exit obligations, partially offset by adjustments to other facility exit assumptions. During the nine months ended September 30, 2010, Advent recorded a restructuring charge of $0.6 million which primarily related to facility and exit costs associated with the relocation of its facilities in New York City in the second quarter of 2010.

The following table sets forth an analysis of the components of the payments and restructuring charges made against the accrual during the nine months ended September 30, 2011 (in thousands):

	Facility Exit
	Costs
Balance of restructuring accrual at December 31, 2010	$	1,340
Restructuring charges	108
Cash payments	(727		)
Accretion of prior restructuring costs	23
Balance of total restructuring accrual at September 30, 2011	$	744

Of the remaining restructuring accrual of $0.7 million at September 30, 2011, $684,000 and $60,000 are included in accrued liabilities and other long-term liabilities, respectively, on the accompanying condensed consolidated balance sheet. The remaining excess facility costs of $0.7 million are stated at estimated fair value, net of estimated sub-lease income of approximately $0.7 million. Advent expects to pay the remaining obligations associated with the vacated facilities over the remaining lease terms, which expire on various dates through 2012.