Restructuring Charges

12 Months Ended

Dec. 31, 2013

Restructuring and Related Activities [Abstract]

Restructuring Charges

The 2012 Plan

During 2012, the Company initiated a restructuring program to reduce overall corporate expenses which is expected to improve future profitability by reducing spending on marketing, general and administrative programs and refining some of the Company's research and development efforts (the “2012 Plan”). In connection with this restructuring program, the Company estimates that it will incur aggregate costs of approximately $10.0 million. During the year ended December 31, 2013, the Company incurred restructuring charges of $2.1 million related primarily to the consolidation of certain facilities and the reduction in workforce, of which a majority was related to corporate support functions. During the year ended December 31, 2012, the Company incurred restructuring charges of $7.3 million related primarily to the reduction in workforce, of which $3.4 million was related to the CTO reportable segment; $0.7 million was related to the MID reportable segment; $0.1 million was related to the All Other reportable segment; and $3.1 million was related to corporate support functions that impacted each of the Company's operating segments. There were no restructuring charges in 2011. Since the inception of the program, the Company has incurred $9.4 million in restructuring related charges. The Company expects to substantially complete its restructuring activities in 2014.

The following table summarizes the 2012 Plan restructuring activities during the years ended December 31, 2013 and 2012:



	Employee Severance and Related Benefits			Facilities				Total
	(in thousands)
Balance at December 31, 2011	$	—		$	—			$	—
Charges	7,301			—				7,301
Payments	(6,395		)	—				(6,395		)
Balance at December 31, 2012	$	906		$	—			$	906
Charges	136			1,960				2,096
Payments	(958		)	(1,307		)		(2,265		)
Non-cash settlements	—			(653		)	*	(653		)
Balance at December 31, 2013	$	84		—				$	84

______________________________________

*The non-cash charge of $653 thousand is related to the termination of the Company's financing obligation associated with abandoning a construction asset at one of its facilities.

The 2013 Plan

During 2013, the Company initiated a restructuring program related primarily to its LDT group as a result of the change in its business strategy to reduce its focus on the lower margin bulb products. Additionally, the Company curtailed its immersive media platform spending (the “2013 Plan”). In connection with this restructuring program, the Company estimates that it will incur aggregate costs of approximately $3.0 million to $4.0 million. During the year ended December 31, 2013, the Company incurred restructuring charges of $3.4 million related primarily to the reduction in workforce, of which $2.4 million was related to the CTO reportable segment, $0.1 million was related to the MID reportable segment and $0.9 million was related to the All Other reportable segment. The Company expects to substantially complete its restructuring activities related to this plan by the end of 2014.

The following table summarizes the 2013 Plan restructuring activities during the year ended December 31, 2013:



	Employee Severance and Related Benefits			Facilities			Total
	(In thousands)
Balance at December 31, 2012	$	—		$	—		$	—
Charges	3,255			195			3,450
Payments	(1,523		)	(62		)	(1,585		)
Non-cash settlements	—			—			—
Balance at December 31, 2013	$	1,732		133			$	1,865

- 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.

+ References+ Details