XML 29 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Restructuring, Acquisition and Divestiture Related Costs
6 Months Ended
Jun. 30, 2017
Restructuring And Related Activities [Abstract]  
Restructuring, Acquisition and Divestiture Related Costs

12. Restructuring, Acquisition and Divestiture Related Costs

The following table summarizes restructuring, acquisition and divestiture related costs in the accompanying consolidated statements of operations (in thousands):

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

July 1,

 

 

June 30,

 

 

July 1,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

2016 restructuring

$

153

 

 

$

2,076

 

 

$

186

 

 

$

4,576

 

2011 restructuring

 

10

 

 

 

(104

)

 

 

14

 

 

 

108

 

Total restructuring and divestiture charges

 

163

 

 

 

1,972

 

 

 

200

 

 

 

4,684

 

Acquisition and related charges

 

1,418

 

 

 

1,733

 

 

 

2,198

 

 

 

1,979

 

Total restructuring, acquisition and divestiture related costs

$

1,581

 

 

$

3,705

 

 

$

2,398

 

 

$

6,663

 

 

2016 Restructuring

During the third quarter of 2015, the Company initiated the 2016 restructuring program, which included consolidating certain of our manufacturing operations to optimize our facility footprint and better utilize resources, costs associated with discontinuing our radiology product line and reducing redundant costs due to productivity cost savings and business volume reductions. We substantially completed the 2016 restructuring program during the second quarter of 2016. As of June 30, 2017, the Company incurred cumulative costs related to this restructuring plan totaling $6.4 million. The Company expects to incur additional restructuring charges of $0.2 million to $0.3 million related to the 2016 restructuring plan.

The following table summarizes restructuring costs for each segment and unallocated corporate and shared services related to the 2016 restructuring plan (in thousands):

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

July 1,

 

 

June 30,

 

 

July 1,

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Photonics

$

 

 

$

299

 

 

$

 

 

$

768

 

Vision

 

153

 

 

 

1,719

 

 

 

185

 

 

 

3,458

 

Precision Motion

 

 

 

 

19

 

 

 

 

 

 

106

 

Unallocated Corporate and Shared Services

 

 

 

 

39

 

 

 

1

 

 

 

244

 

Total

$

153

 

 

$

2,076

 

 

$

186

 

 

$

4,576

 

2011 Restructuring

In November 2011, the Company announced a strategic initiative (“2011 restructuring”), which aimed to consolidate operations to reduce the Company’s cost structure and improve operational efficiency. As part of this initiative, the Company eliminated facilities through the consolidation of certain manufacturing, sales and distribution facilities and the exit of Semiconductor Systems and Laser Systems businesses. The Company substantially completed the 2011 restructuring program by the end of 2013. In March 2016, the Company sold its previously exited Laser Systems facility located in Orlando, Florida for cash at the net carrying value of $3.5 million. In December 2016, the lease agreement for the Company’s previously exited laser scanner business facility was terminated.

Rollforward of Accrued Expenses Related to Restructuring

The following table summarizes the accrual activities, by component, related to the Company’s restructuring plans recorded in the accompanying consolidated balance sheets (in thousands):

 

 

Total

 

 

Severance

 

 

Facility

 

 

Depreciation

 

 

Other

 

Balance at December 31, 2016

$

1,736

 

 

$

611

 

 

$

1,111

 

 

$

 

 

$

14

 

Restructuring charges

 

200

 

 

 

185

 

 

 

 

 

 

 

 

 

15

 

Cash payments

 

(781

)

 

 

(528

)

 

 

(236

)

 

 

 

 

 

(17

)

Non-cash write-offs and other adjustments

 

(97

)

 

 

(62

)

 

 

(27

)

 

 

 

 

 

(8

)

Balance at June 30, 2017

$

1,058

 

 

$

206

 

 

$

848

 

 

$

 

 

$

4

 

Acquisition and Related Charges

Acquisition related costs in connection with business combinations, including finders’ fees, legal, valuation, and other professional or consulting fees, totaled $1.4 million and $2.2 million for the three and six months ended June 30, 2017, respectively, and $1.7 million and $2.0 million for the three and six months ended July 1, 2016, respectively. The majority of acquisition related costs for the three and six months ended June 30, 2017 were included in Unallocated Corporate and Shared Services costs.