Restructuring and Cost Management Plans

12 Months Ended

Mar. 30, 2013

Restructuring and Related Activities [Abstract]

In 2013, the Company initiated a restructuring plan to improve efficiency, transition from memory repair and other legacy products, and focus on laser microfabrication for consumer electronics, emerging technologies related to semiconductor 3D, and proprietary laser technology. As a result of these actions, the Company recognized $2.6 million of restructuring costs in 2013. The restructuring costs of $2.6 million were comprised primarily of $1.5 million of employee severance and related benefits and $1.1 of accelerated depreciation for certain assets. The planned completion date for actions to be taken under this plan is December 31, 2013.

In 2012, the Company continued its efforts to reduce its worldwide cost structure through transition of certain procurement and manufacturing activities to Asia and additionally identified and initiated other cost reduction actions. As a result of these actions, the Company recognized $3.8 million of restructuring costs in 2012. The restructuring costs of $3.8 million were comprised primarily of $1.9 million of employee severance and related benefits and $1.7 million of accelerated depreciation for certain assets. The Company shortened the depreciable lives of these assets in the fourth quarter of 2012 largely as a result of consolidating facilities in the United States and Asia. The Company completed these actions on December 29, 2012.

At March 30, 2013 and March 31, 2012, the amount of unpaid restructuring costs included in accrued liabilities was $0.5 million and $1.0 million, respectively.

The following table presents the amounts related to restructuring costs payable (in thousands):



Restructuring costs payable balance as of April 2, 2011¹	$	670
Employee severance and related benefits:
Costs incurred and other adjustments	1,949
Cash payments	(1,571		)
Restructuring costs payable balance as of March 31, 2012	1,048
Employee severance and related benefits:
Costs incurred and other adjustments	1,381
Cash payments	(1,944		)
Restructuring costs payable balance as of March 30, 2013	$	485

1. Includes only the globalization strategy related restructuring costs payable balance as of April 2, 2011.

Additionally, in 2012, the Company recorded $2.0 million of charges in cost of sales for an inventory write-off associated with discontinued products. In 2013, the Company recorded $23.3 million of charges in cost of sales, of which $21.0 million related to inventory write-off associated with discontinued products and $2.3 million related to accelerated amortization of acquired intangible assets.

- 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.

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