RESTRUCTURING

NobelClad Restructuring

In October 2014, we signed an agreement to purchase a manufacturing facility in Liebenscheid, Germany and completed the purchase in November 2014. The facility significantly enhances NobelClad’s manufacturing capabilities and its ability to serve customers throughout Europe, the Middle East and Africa. In October 2014, management announced a plan to restructure our NobelClad European operations. In the second quarter of 2015, the majority of clad metal plate production was shifted from facilities in Rivesaltes, France and Würgendorf, Germany to the new manufacturing facility in Liebenscheid, Germany. We plan to continue to produce transition joints with a reduced workforce at NobelClad's Rivesaltes plant while the Würgendorf site was closed and its workers were transferred to the new facility. In the fourth quarter of 2015, we eliminated certain positions in the NobelClad corporate office and finalized certain bonus payments in Europe.

We incurred pretax restructuring and impairment charges of $6,781in the fourth quarter of 2014, $54 in the first quarter of 2015, $504 in the second quarter of 2015, $48 in the third quarter of 2015, and $144 in the fourth quarter of 2015 related to this program.

DynaEnergetics Restructuring

In the first quarter of 2015, we launched several initiatives to enhance DynaEnergetics’ operational efficiencies and align its production and distribution resources with the anticipated demands of the market. In January 2015, we closed two North American distribution centers. On February 24, 2015, we announced the closure of a perforating gun manufacturing facility and distribution center in Edmonton, Alberta. In the second quarter of 2015, North America perforating gun manufacturing was consolidated into DynaEnergetics' existing facility in Whitney, Texas. We also exited multiple other distribution centers in North America and Colombia. The Colombia market is now being served directly from our existing facilities in Texas. Two new centralized distribution centers replaced the smaller and less efficient distribution centers that were closed. In the fourth quarter of 2015, we closed another U.S. distribution center and undertook additional measures to reduce administrative costs including a reduction in force ("RIF") affecting 12 employees at DynaEnergetics' corporate offices in Troisdorf, Germany and the termination of certain consulting contracts. Additionally, during the fourth quarter of 2015 we recorded to the statement of operations foreign exchange gains that had previously been recorded to the balance sheet due to the substantial liquidation of our Colombian entity after closing the distribution centers.

We incurred pretax restructuring and impairment charges of $382 in the first quarter of 2015, $612 in the second quarter of 2015, $237 in the third quarter of 2015, and $429 in the fourth quarter of 2015 related to these programs.

Corporate Restructuring

In the first quarter of 2015, we eliminated certain positions in our corporate office. We incurred restructuring charges of approximately $1,560 in the first quarter of 2015 associated with severance and expense related to the acceleration of unvested stock awards. Additionally, two of the nine members of our board of directors did not stand for re-election at our Annual meeting in May 2015. In the fourth quarter of 2015, we eliminated an additional position in our corporate office and incurred restructuring charges of approximately $93 associated with severance and expense related to the acceleration of unvested stock awards.

Restructuring charges associated with these programs are substantially complete. Total restructuring charges incurred to date for these programs are as follows and are reported in the Restructuring charges line item in our consolidated statement of operations for the years ended December 31, 2015 and 2014:



	2015
	Severance		Asset Impairment		Contract Termination Costs		Equipment Moving Costs		Other Exit Costs			Total
NobelClad	$	238	$	—	$	40	$	476	$	(4	)	$	750
DynaEnergetics	735		205		498		391		(169		)	1,660
Corporate	1,653		—		—		—		—			1,653

Total	$	2,626	$	205	$	538	$	867	$	(173	)	$	4,063



	2014
	Severance		Asset Impairment		Other Exit Costs		Total
NobelClad	$	2,466	$	3,946	$	369	$	6,781

Total	$	2,466	$	3,946	$	369	$	6,781

The changes to the restructuring liability within accrued expenses associated with these programs is summarized below:



	Balance at December 31, 2014		Expense		Payments			Currency Adjustments			Balance at December 31, 2015
Severance	$	2,406	$	2,090	$	(3,750	)	$	(294	)	$	452
Contract termination costs	44		538		(272		)	(28		)	282
Equipment moving costs	—		867		(868		)	1			—
Other exit costs	36		130		(149		)	(17		)	—

Total	$	2,486	$	3,625	$	(5,039	)	$	(338	)	$	734

As of December 31, 2014 we recorded a liability for restructuring charges of $2,486 primarily related to accrued severance.