Restructuring Charges

3 Months Ended

Mar. 31, 2014

Note 12 – Restructuring Charges

The Company has undertaken initiatives to restructure its business operations with the intention of improving utilization and realizing cost savings in the future. These initiatives have included changing the number and location of production facilities, largely to align capacity and infrastructure with current and anticipated customer demand. This alignment includes transferring programs from higher cost geographies to lower cost geographies. The process of restructuring entails, among other activities, moving production between facilities, reducing staff levels, realigning our business processes and reorganizing our management.

The Company recognized restructuring charges during 2014, 2013 and 2012 primarily related to the closure of facilities, capacity reduction and reductions in workforce in certain facilities across various regions. These charges were recorded pursuant to plans developed and approved by management.

The following table summarizes the 2014 activity in the accrued restructuring balances related to the various restructuring activities initiated prior to March 31, 2014:

			Balance as of								Foreign		Balance as of
			December 31,		Restructuring		Cash		Non-Cash		Exchange		March 31,
(in thousands)			2013		Charges		Payment		Activity		Adjustments		2014
2014 Restructuring:
	Severance	$	-	$	181	$	(181)	$	-	$	-	$	-
			-		181		(181)		-		-		-
2013 Restructuring:
	Severance		120		178		(157)		-		(1)		140
	Other exit costs		833		(178)		(264)		(105)		17		303
			953		-		(421)		(105)		16		443

2012 Restructuring:
	Severance		34		-		(30)		-		-		4
	Other exit costs		104		-		(23)		-		(9)		72
			138		-		(53)		-		(9)		76
Total		$	1,091	$	181	$	(655)	$	(105)	$	7	$	519

- 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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