Restructuring Charges

3 Months Ended

Mar. 31, 2015

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 2015 and 2014 primarily related to the closure of facilities, capacity reduction and reductions in workforce in certain facilities across various regions.

The following table summarizes the 2015 activity in the accrued restructuring balances related to the restructuring activities initiated prior to March 31, 2015:

			Balance as of						Balance as of
			December 31,		Restructuring		Cash		March 31,
(in thousands)			2014		Charges		Payment		2015
2015 Restructuring:
	Severance	$	-	$	1,522	$	(1,493)	$	29
	Leased facilities and equipment		-		2,253		(132)		2,121
	Other exit costs		-		702		(602)		100
Total		$	-	$	4,477	$	(2,227)	$	2,250

- 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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