Employee Benefit Plans
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Sep. 30, 2014
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Postemployment Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | 11. Employee Benefit Plans Defined Benefit Plans The following table summarizes the components of pension expense related to the Company’s defined benefit plans (in thousands):
Other As of September 30, 2014 and December 31, 2013, the Company has a severance accrual included in accounts payable and accrued expenses on the accompanying condensed consolidated balance sheets of $7.5 million and $14.1 million, respectively. The Company recognizes obligations associated with severance related to contractual termination benefits at fair value on the date that it is probable that the affected employees will be entitled to the benefit and the amount can reasonably be estimated. The severance accrual is related to cost reduction programs that will result in severance for approximately 270 positions, which are expected to lower operating costs and improve profitability by reducing excess capacity. These actions are expected to occur and be paid during 2014 and 2015. During the first nine months of 2014, the Company has recognized approximately $2.1 million of net reversals related to these cost reduction programs, primarily as a result of affected individuals transferring into other positions within the Company. Of the $2.1 million decrease from net reversals recognized for these cost reduction programs, approximately ($2.2) million, $105,000 and ($47,000) were related to activities in the Product Development segment, Integrated Healthcare Services segment and corporate activities, respectively. The following amounts were recorded for the severance associated with cost reduction programs (in thousands):
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