Restructuring and Cost Management Plans

12 Months Ended

Mar. 29, 2014

Restructuring and Related Activities [Abstract]

In March 2015, as a part of the plan to streamline its manufacturing and development activities, the Company initiated a restructuring plan to close the assembly plant and development center located in Chelmsford, Massachusetts. The estimated completion date of the plan is the end of fiscal 2016. As a result of this action, the Company recognized $3.0 million of restructuring costs in 2015 primarily related to $2.0 million of employee severance and related benefits charged against operating expenses and $1.0 million of inventory write-off charges associated with products that will not be transferred to other production sites of the Company. The inventory write-off charges were recorded to cost of sales. The corresponding liability was included in accrued liabilities on the Consolidated Balance Sheets.

In 2015, the Company made cash payments of $1.0 million consisting primarily of $0.6 million of contractual payments to our former Chief Executive Officer and a $0.4 million in employee severance and related payments for the Asia restructuring plan initiated in 2013. The 2013 restructuring plan was initiated 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 packaging, and proprietary laser technology. Additionally, this plan included consolidation of certain development and manufacturing activities in Asia to our Singapore facility. The plan was completed in 2015 and there are no unpaid restructuring costs associated with this plan in accrued liabilities balance at March 28, 2015.

The following table presents the amounts related to restructuring and cost management amounts payable (in thousands):



Restructuring costs payable balance as of March 30, 2013	$	485
Employee severance and related benefits:
Cash payments	(204		)
Costs incurred and other adjustments	769
Restructuring costs payable balance as of March 29, 2014	1,050
Employee severance and related benefits:
Cash payments	(985		)
Costs incurred and other adjustments	1,932
Restructuring costs payable balance as of March 28, 2015	$	1,997