Restructuring Charges

6 Months Ended

Jun. 30, 2014

Note 14—Restructuring Charges

The following table sets forth an analysis of the changes in the restructuring accrual during the six months ended June 30, 2014 (in thousands):

	Facility Exit		Severance &
	Costs		Benefits			Total

Balance of restructuring accrual at December 31, 2013	$	185	$	813		$	998
Restructuring charges	—		1,914			1,914
Cash payments	—		(1,897		)	(1,897		)

Balance of restructuring accrual at June 30, 2014	$	185	$	830		$	1,015

Restructuring charges of $1.9 million during the six months ended June 30, 2014 were primarily due to employee termination benefits associated with the re-organization plan approved in April 2014. The remaining restructuring accrual of $1.0 million at June 30, 2014 is included in “Accrued liabilities” in the accompanying condensed consolidated balance sheet. As a result of this restructuring activity, Advent expects annual operating expense run rate savings of approximately $3 million which will be used to fund investments in other areas of the business to improve productivity, efficiency and client experience.

- 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