Subsequent Events

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

18. Subsequent Events

In December 2014, the Company announced that the Company’s Board of Directors had adopted a plan to close the 6-inch fab. According to this plan, the 6-inch fab was closed on February 29, 2016. On April 4, 2016, the Company commenced a voluntary resignation program (the “Program”), which was available to certain manufacturing employees, including the Company’s 6-inch fab employees, through April 29, 2016.

As of April 29, 2016, 169 employees elected to resign under the terms of the Program. The Company will pay approximately $8 million for severance benefits, which are required by law and have already been fully accrued in the Company’s financial statements, in a lump sum during the second quarter of 2016. The Company will also pay other termination benefits under the Program of approximately $4 million in the aggregate, payable in equal monthly installments over the next twelve months. The Company expects to record a $4 million charge related to the other termination benefits payable under the Program during the second quarter of 2016.