RESTRUCTURING

During the fourth quarter of 2013, the Company committed to a restructuring plan that will result in the closure of its Precise Machine facility located in Fort Worth, Texas. As a result, the Company recognized severance expense in year ended December 31, 2013 related to the closure of $453. These restructuring expenses were reflected in the selling, general, and administrative section on a separate line of the Consolidated Statements of Comprehensive Income. This restructuring plan had no material impact on cash flow for the year. The Company expects the restructuring plan to be completed in the second quarter of 2014.

In addition, during the fourth quarter of 2013, the Company reached a separation agreement with key members of Valent Aerostructures, LLC. This agreement resulted in recognition of $2,620 in incremental expenses and a $2,620 unfavorable impact to operating cash flow in the year ended December 31, 2013. These restructuring expenses were reflected on a separate line of the Consolidated Statements of Comprehensive Income.

The following table summarizes the incurred and expected charges associated with these restructuring activities:



	Incurred in Year		Remaining		Total Expense
	Ended		Expense to be		Expected to be
	December 31, 2013		Incurred		Incurred
			(In Thousands)
Employee severance arrangement - Precise closure	$	453	$	116	$	569
Employee separation agreement - Valent	2,616		—		2,616
Lease termination costs - Precise closure	—		165		165
Other	4		125		129
Total	$	3,073	$	406	$	3,479

In addition to the restructuring expenses detailed in the table above, the Company expects to incur additional restructuring and other project expenses of approximately $600 primarily associated with the integration of the work previously performed at the Precise Machine facility. The Company expects this reorganization to be completed by the second quarter of 2014.

The following table summarizes restructuring activity related to the Precise Machine facility closure and the Valent Aerostructures, LLC separation agreement:



	Employee
	Severance			Other			Total
				(In Thousands)
Accrued restructuring balance as of December 31, 2012	$	—		$	—		$	—
Accrual additions	3,069			4			3,073
Cash payments	(2,647		)	(4		)	(2,651		)
Accrued restructuring balance as of December 31, 2013	$	422		$	—		$	422