Related Party Transactions

12 Months Ended

Dec. 31, 2014

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

As a result of the arrangement to acquire the rights to the TDK Life on Record brand under an exclusive long-term license from TDK Corporation (TDK), TDK owned approximately 18 percent of our shares as of December 31, 2014 and 2013. In connection with this arrangement, we entered into a supply agreement, dated July31, 2007, with TDK (Supply Agreement).

In 2014, 2013 and 2012 we purchased products and services under the Supply Agreement which allowed us to purchase a limited number of LTO Tape media and Blu-ray removable recording media and accessory products for resale in the aggregate amounts of approximately $3 million, $28 million and $38 million, respectively, from TDK or its affiliates. The Supply Agreement was terminated on March 31, 2014. We did not sell products nor provide services to TDK or its affiliates in 2014, 2013 or 2012. No trade payables to TDK or its affiliates were outstanding at December 31, 2014 and were $1.6 million at December 31, 2013. No trade receivables from TDK or its affiliates were outstanding as of December 31, 2014 or December 31, 2013.

In 2011, we discontinued our tape coating operations at our Weatherford, Oklahoma facility and closed the facility. We signed a strategic agreement with TDK to jointly develop and manufacture magnetic tape technologies in which we collaborated on the research and development of future tape formats in both companies’ research centers in the U.S. and Japan. At the end of 2013, TDK announced its intent to cease manufacturing of magnetic tape and, as a result, we transitioned to source our product from alternate magnetic tape suppliers during 2014.