Restructuring Charges

9 Months Ended

Sep. 30, 2014

Note 12 – Restructuring Charges

The Company has undertaken initiatives to restructure its business operations to improve utilization and realize cost savings. 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.

The following table summarizes the 2014 activity in the accrued restructuring balances related to the various restructuring activities initiated prior to September 30, 2014:

			Balance as of								Foreign		Balance as of
			December 31,		Restructuring		Cash		Non-Cash		Exchange		September 30,
(in thousands)			2013		Charges		Payment		Activity		Adjustments		2014
2014 Restructuring:
	Severance	$	-	$	614	$	(614)	$	-	$	-	$	-
	Other exit costs		-		3		(3)		-		-		-
			-		617		(617)		-		-		-
2013 Restructuring:
	Severance		120		87		(193)		-		(14)		-
	Other exit costs		833		(75)		(453)		(344)		39		-
			953		12		(646)		(344)		25		-

2012 Restructuring:
	Severance		34		45		(79)		-		-		-
	Other exit costs		104		(61)		(31)		-		(12)		-
			138		(16)		(110)		-		(12)		-
Total		$	1,091	$	613	$	(1,373)	$	(344)	$	13	$	-

- 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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